Wisconsin becomes the initial state to acquire Bitcoin
Wisconsin Makes Historic Bitcoin Purchase
Wisconsin has made history by officially becoming the first state to purchase bitcoins, as reported in a new filing with the U.S. Securities and Exchange Commission. The State of Wisconsin Investment Board acquired 94,562 shares of iShares Bitcoin Trust (IBIT) from BlackRock for approximately $98 million and $63 million worth of Bitcoin spot ETF from Grayscale (GBTC).
Institutional Bitcoin Investments on the Rise
Bitcoin ETFs have recently been approved by the SEC, allowing institutional investors to invest in bitcoin without directly owning the cryptocurrency. This move by Wisconsin has sparked excitement among cryptocurrency enthusiasts, with many speculating that other state pension funds may follow suit in investing in cryptocurrencies.
El Salvador made headlines in 2021 when President Nayib Bukele purchased bitcoin for the country and declared it legal tender. Currently holding around 5,748 BTC valued at approximately $360 million, El Salvador’s investment showcases the volatile nature of bitcoin as its value fluctuated significantly in just a year.
Despite its volatility, bitcoin is currently trading at $61,774 and has seen a 128% increase over the past year. The market crash following the FTX implosion did not deter the cryptocurrency’s growth. However, the State of Wisconsin Investment Board did not provide immediate responses to inquiries regarding their historic bitcoin purchase.
