Key Takeaways:
- The State of Wisconsin Investment Board (SWIB) sold its entire $355.6M stake in BlackRock’s iShares Bitcoin Trust ETF (IBIT), exiting all spot Bitcoin ETF positions.
- Despite the IBIT selloff, SWIB still holds a $50M position in MicroStrategy, maintaining indirect Bitcoin exposure.
- Meanwhile, Abu Dhabi’s Mubadala increased its IBIT holdings to over 8.7M shares, as IBIT leads all spot Bitcoin ETFs with $45B in net inflows.
The State of Wisconsin Investment Board (SWIB) has exited its position in BlackRock’s iShares Bitcoin Trust ETF (IBIT), selling all 6,060,351 shares it held—valued at roughly $355.6 million—according to a May 15 SEC filing.
This marks a significant move, as SWIB was among the first state-managed pension funds to invest in spot Bitcoin ETFs, initiating with a $164 million purchase in early 2024.
Surprising that State of Wisconsin Investment Board sold their Bitcoin ETF shares for a couple of reasons.
— Julian Fahrer (@Julian__Fahrer) May 15, 2025
One being that they still have a $50m position in MSTR (at today's price). https://t.co/vW72ApSAHU pic.twitter.com/EazTEjcuZU
Prior to the IBIT acquisition, SWIB had shifted its 1 million-share stake in the Grayscale Bitcoin Trust (GBTC) into IBIT.
Despite divesting from IBIT, SWIB still retains crypto exposure, including a $50 million position in MicroStrategy (MSTR), a firm known for holding a significant Bitcoin reserve.
Meanwhile, institutional interest in IBIT remains strong.
Abu Dhabi’s sovereign wealth fund Mubadala boosted its IBIT stake to 8.7 million shares, worth $512 million.
BlackRock’s IBIT continues to dominate spot Bitcoin ETF inflows, receiving $232.9 million on May 14 alone and totaling $45 billion in net inflows.
In contrast, Fidelity’s FBTC and ARK 21Shares’ ETF trail behind with $11.6 billion and $2.7 billion, respectively.
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