Wisconsin Investment Board Reveals $321M Bitcoin Holdings

Bitcoin finally makes it out of the narrow territory of stocking, mining, and exchange. The Wisconsin investment board reported on Friday- they are holding around $164 million in Bitcoin-based ETFs. The filing was done 1 year ago. However, the new scheme in the limelight recently.  

The same fund also has IBIT shares of USD 100 million. Such a versatile digital asset bank is rare nowadays. This pension fund also had shares of GBT worth $64 million.  

The latest input from the pension fund shows that all the GBTC shares have been transferred into IBIT.  

But why Bitcoin? A lot of pension holders might be asking the same question. In a recent interview, a spokesperson from the State of Wisconsin investment board suggested that saving a portion of funds in Bitcoin is a defense against random inflation today.  

The value adjusted in inflation can be recovered when the Bitcoin price goes up. Luckily, the price of the coin has increased to around $1800 or more in the last 24 hours. It means that the investment board made a genuine profit from the $164 million.  

Bitcoin in pension funds  

Attorney Allie Itami thinks that it is easier for pension funds to hold Crypto. These funds have more clinical fiduciary responsibilities according to the Employee Retirement Income Security Act of 1974, hence when there is enough traction to pay off the employees.  

In Q1, 2024, the Retirement System of Michigan faced the same problem. They stocked up around 6.6 million USD worth of Bitcoin. 

Going forward, more entities, like recently the Carolina Representatives House and others, are following the same pattern. If this process continues, it will support the revival of Bitcoin at a great pace!