According to Deep Tide TechFlow, the Wisconsin Investment Board completely exited its holdings in the BlackRock iShares Bitcoin Trust in the first quarter of 2025, worth approximately $350 million. This move occurred less than a year after increasing IBIT holdings from 2.9 million shares to 6 million shares at the end of 2024. SWIB is one of the first state pension funds in the U.S. to invest in spot Bitcoin ETFs, and this liquidation took place against the backdrop of a nearly 12% decline in Bitcoin prices.

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