BlackRock Bitcoin ETF Holdings Bag Big Bet From Wisconsin Investment Board

American multinational investment giant BlackRock is gaining widespread attention in the spot Bitcoin ETF arena.

According to a recent filing lodged with the United States Securities and Exchange Commission (SEC), the State of Wisconsin Investment Board (SWIB) topped its BlackRock iShares Bitcoin Trust (IBIT) portfolio.

This move underscores mainstream investment firms’ growing embrace of BTC and crypto-related investments.

BlackRock Stacked, Grayscale Culled

Per the 13-F filing, the firm bought 447,651 more shares of IBIT. This latest acquisition places its total holdings at 2,898,051 shares. This holding has a monetary worth of $98.9 million as of the end of the second quarter.

The 13-F filing also shared more details about SWIB’s latest bets in the crypto ecosystem. In Q2, SWIB dumped over $63.7 million worth of Grayscale Bitcoin Trust (GBTC). Despite being regarded as the pioneering Trust for BTC’s debut, Grayscale’s Bitcoin ETF performance remains subpar.

Data from Farside Investors currently pegs total GBTC outflow at 19,491 BTC. This sharply contrasts with the more than 20,360 BTC that BlackRock has raked in since its inception. It becomes apparent that BlackRock’s IBIT now ranks as the most prominent global ETF launched across all industries per its inflow.

In addition to BlackRock, SWIB also revealed 77,996 shares in Marathon Digital, bringing its holdings to 115,084 shares. This is valued at $2.3 million in dollar terms. 

The emergence of spot Bitcoin ETF products notably legitimized BTC. In addition to SWIB, other mainstream banks, including Morgan Stanley, Goldman Sachs, and Wells Fargo, have disclosed having sizable Bitcoin ETF holdings.

This trend is not unusual as the demand for the asset class is growing with a major spread to other countries. Like the United States, Hong Kong has also launched Bitcoin ETF products, with Australia following shortly after.

Bitcoin ETFs and Potential Impact on BTC Price

The market value of Bitcoin has faced a significant strain in recent times. Since attaining an All-Time High (ATH) of $73,750.07 on March 14, the price of Bitcoin has dropped by over 20%.

When writing, the coin changes hands for $59,010.49, down by 3.24% in 24 hours. This is not the worst for the coin, as intense volatility kicked in after the US CPI Inflation data was released. It remains uncertain what the headwind is considering inflation cooled and any potential rate cut will benefit BTC.

With the 13-F season now on, the acquisition updates by top Wall Street firms may change the coin’s price trajectory. Other analysts are bullish despite Peter Brandt pointing out uncertainty in Bitcoin price trends. Some even predicted that a breakout above $100,000 is possible in the long term.

Per the current price level, beating the $60,000 resistance remains the short-term target. Should the coin form a sustainable base above this level, current bullish fundamentals might help push the price toward the $65,000 to $70,000 range in the near term. 

The uptrend push might be favored with the Relative Strength Index (RSI) pegged at 44.