Wisconsin Investment Board DUMPS Entire $355M Bitcoin ETF Position!
The State of Wisconsin Investment Board (SWIB) just made headlines by completely exiting its massive Bitcoin ETF position in Q1 2025!
Here’s what went down:
Sold: 6,060,351 shares of iShares Bitcoin Trust (IBIT) — worth $355.6M
Exited: Grayscale Bitcoin Trust (GBTC) previously — worth $63.7M
BTC ETFs were only 0.2% of their $166B portfolio, but it’s still a BIG move
Why the exit?
BTC dropped 12% in Q1, and many institutions rebalanced:
Millennium Mgmt: Cut IBIT by 41%, exited Invesco Galaxy ETF
Brevan Howard: Trimmed IBIT by 15.6%
Mubadala (UAE): BUYS more IBIT, now holding 8.7M+ shares ($512M)
Brown University: Jumps in with $4.9M in IBIT
Bitwise CIO Matt Hougan explains:
> “Collapse in the futures premium killed the basis trade hedge funds loved. No surprise they're trimming.”
Institutional chess in motion ♟️
While some exit, others double down.
What’s your move?
Are we seeing smart reallocation or fear-driven exits?