Wisconsin has become the first state to officially purchase Bitcoin, according to a new filing with the U.S. Securities and Exchange Commission. Although $98 million is not considered a lot of money for a state pension fund, it is still a notable move considering how volatile crypto investments are.
In SEC filings, available onlinewas first reported as coin deskthe Wisconsin Investment Commission purchased 94,562 shares of BlackRock's iShares Bitcoin Trust (IBIT) worth approximately $98 million and $63 million worth of Grayscale Spot Bitcoin ETF (GBTC). points out.
Bitcoin ETF only approved by SEC this year past january And it allows institutional investors to invest in Bitcoin without actually owning the cryptocurrency directly. Cryptocurrency advocates were excited by Tuesday's news, with many suggesting this could be just the beginning of investments in cryptocurrencies by other state pension funds.
“Normally these large institutions don't get listed at 13F for a year or so[until ETF liquidity increases]but as we've seen, “This is no ordinary listing.” tweeted. “Institutions tend to act in packs, so that's a good sign. We should expect more.”
The most famous large-scale institutional investment in Bitcoin began in El Salvador in 2021 when President Nayib Bukele bought his country's cryptocurrency and declared it legal tender. According to , El Salvador currently holds approximately 5,748 BTC. coin telegraph machine, worth approximately $360 million. However, Bitcoin is an incredibly volatile asset. These same holdings would have been worth around $155 million a year ago, and there is no guarantee that Bitcoin's price will continue to rise steadily.
Bitcoin is currently trading at $61,774, down about 2% in the past 24 hours, but the cryptocurrency is up about 128% over the past year, according to Sam Bankman Fried's FTX. Since the market slumped following the implosion, it has recovered significantly.Banker Mann Freed sentenced 25 years imprisonment Charges of fraud, conspiracy and money laundering.
The Wisconsin Investment Commission did not immediately respond to emailed questions Tuesday morning. I will update this post if I receive a response.
