Wisconsin Pension Fund Makes History With First US Bitcoin Spot ETF Investment
The State of Wisconsin Investment Board (SWIB) has made history by becoming the first US pension fund to invest in Bitcoin spot ETFs. This move comes amidst a wave of positive news for Bitcoin, with inflows into spot ETFs picking up and pushing the price above $66,000.
SWIB's decision follows a trend of increasing institutional interest in Bitcoin. As of March 31, 405 investment advisors (RIAs) and 85 hedge funds managing over $1 billion in assets held Bitcoin ETFs. Among them, Millennium Management, a New York-based company, reported the largest position, holding around $2 billion. The tenth-largest pension fund in the US also disclosed holding $163 million in Bitcoin ETFs during the same period.
The 13F filings, which generally disclose institutional holdings in US-listed securities, provided insights into the entities behind the strong inflows into Bitcoin spot ETFs. However, detailed buyer identities for Bitcoin ETFs between March 2021 and mid-May 2021 are not directly reported in the search results. Despite this, the overall market saw increased ETF inflows, with Bitcoin news overwhelmingly positive this week.
Bitcoin's price is now only around 10% away from its all-time high of $73,800. With positive news and increasing institutional investment, the cryptocurrency's future looks promising. Additionally, a potential decrease in US Federal Reserve interest rates, due to positive inflation numbers, could further boost Bitcoin's appeal.
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