Wisconsin Investment Board and Abu Dhabi Sovereign Fund Boost Bitcoin ETF Holdings

Highlights:

• Wisconsin’s pension fund doubled IBIT holdings to 6 million shares, worth $321 million.
• Mubadala Investment Company adds $436.9M in IBIT shares, diversifying its sovereign portfolio.
• Hedge funds and Wall Street firms raised Bitcoin ETF investments significantly.

The State of Wisconsin Investment Board (SWIB), managing the state’s pension fund, reported a sharp rise in its bitcoin ETF holdings. In the last three months of 2024, it added over 3 million shares, doubling its total to 6 million, worth over $321 million by December 31, according to a recent SEC filing.

In comparison, Wisconsin’s pension fund had previously disclosed holding $164 million in Bitcoin ETFs in a May SEC filing. It held about 2.4 million shares of BlackRock’s iShares Bitcoin Trust (IBIT), valued at $100 million. The fund also had 1 million shares of Grayscale’s Bitcoin Trust (GBTC), worth $64 million. The latest filing shows a shift in strategy. The fund has moved all its BTC exposure into IBIT and no longer holds any GBTC shares.

IBIT has become the fastest-growing spot Bitcoin fund, attracting around $41 billion in net inflows since launch. As of February 14, its assets under management reached $56 billion. The State of Wisconsin Investment Board’s rising Bitcoin exposure shows a growing trend among pension funds. More are allocating assets to Bitcoin as a hedge against inflation and for portfolio diversification. It holds stakes in Coinbase, MARA Holdings, Robinhood, and Block Inc.

According to a document submitted to the U.S. SEC on February 14, the U.S. Wisconsin Pension Fund increased its Bitcoin holdings to approximately $321 million. The fund has allocated all of its BTC exposure to IBIT and no longer holds any GBTC shares. https://t.co/Qq5cSS8fPZ

— Wu Blockchain (@WuBlockchain) February 15, 2025

Mubadala Joins the Bitcoin ETF Race

Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, also increased its Bitcoin exposure. In Q4, it purchased $436.9 million worth of IBIT shares, acquiring 8.2 million shares, according to regulatory filings. This investment accounts for 0.14% of its $302 billion in assets under management.

JUST IN: 🇦🇪 Abu Dhabi's sovereign wealth fund is now the 7th biggest holder of Blackrock's Bitcoin ETF ( $IBIT) at $461.23 million.

They're just getting started… 🚀

🫡 @JSeyff pic.twitter.com/GKViJorE7x

— Bitcoin Archive (@BTC_Archive) February 14, 2025

Hedge Funds and Wall Street Firms Follow Suit

The momentum around BlackRock’s IBIT isn’t limited to pension and sovereign funds. Hedge funds and Wall Street giants have also increased their exposure.

Millennium Management revealed in its latest SEC 13F filing that it holds $2.6 billion in Bitcoin ETFs and $182.1 million in Ethereum ETFs. Its largest stake is in BlackRock’s IBIT, valued at over $844 million, followed by Fidelity’s Bitcoin fund at just over $806 million. Additional holdings include the ARK 21Shares Bitcoin ETF, the Bitwise Bitcoin ETF, and the Grayscale Bitcoin Trust. 

Tudor Investment Corp, a hedge fund manager, increased its holdings in the iShares Bitcoin ETF. This ETF is the largest, with over $55 billion in assets. The fund’s stake grew from 4.4 million to 8 million shares, doubling its position. The value of these holdings rose with Bitcoin’s price, reaching $426.9 million. This was a sharp increase from $159.9 million at the end of September.

Moreover, Investment bank Goldman Sachs recently revealed holdings exceeding $1.5 billion in U.S. spot Bitcoin ETFs. This includes approximately $1.2 billion in IBIT and $288 million in Fidelity’s Bitcoin fund (FBTC).

States and Political Developments Shape Bitcoin ETF Trends

The increasing interest from institutions in BlackRock’s Bitcoin ETF coincides with a shift in political attitudes toward Bitcoin. Trump’s proposed crypto reserve could significantly impact Bitcoin’s mainstream adoption in the U.S., although some states are already exploring their own investment plans. Two states have rejected Bitcoin reserve bills. Meanwhile, 22 states are either reviewing or actively considering similar legislation, according to Bitcoin Reserve Monitor.