Wisconsin Dumps BlackRock Bitcoin ETF Holdings

• Wisconsin sold its $321M stake in BlackRock’s Bitcoin ETF.
• The exit occurred during the fiscal quarter ending March 2025.
• The board retains $19M worth of Coinbase stock.

Wisconsin Offloads BlackRock Bitcoin ETF Stake

The State of Wisconsin Investment Board (SWIB) has exited its position in the BlackRock Bitcoin Spot ETF (IBIT), selling off its entire $321 million stake during the fiscal quarter ending in March 2025. This move has raised eyebrows in the crypto investment world, especially as it comes amid growing institutional interest in Bitcoin ETFs.

The liquidation of the BlackRock Bitcoin ETF marks a notable shift in Wisconsin’s digital asset strategy, just months after making headlines for its surprising foray into crypto investments. The SWIB had initially invested in the IBIT as part of a broader diversification approach, reflecting the growing mainstream acceptance of Bitcoin among traditional investors.

Coinbase Shares Still Held

While Wisconsin has pulled back from direct Bitcoin exposure through the ETF, it hasn’t exited the crypto market entirely. The investment board continues to hold approximately $19 million in shares of Coinbase (COIN), the largest U.S.-based cryptocurrency exchange.

This retained position suggests that the state still sees potential in crypto infrastructure companies, even if it’s backing away from exposure to Bitcoin’s price movements.

What This Move Signals

The decision to liquidate the BlackRock ETF could be driven by several factors — risk management, profit-taking, or regulatory considerations. It may also reflect a more cautious stance toward Bitcoin’s volatility in light of macroeconomic conditions.

Still, maintaining a Coinbase position shows Wisconsin hasn’t completely closed the door on digital assets. Instead, it might be rebalancing its exposure toward companies that benefit from broader crypto adoption, rather than the assets themselves.

As other institutional players increasingly enter the crypto space, Wisconsin’s strategy may offer insights into how public investment funds are navigating this evolving market.

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