The State of Wisconsin Investment Board (SWIB), an independent agency handling assets for Wisconsin’s retirement and state investment funds, has divested its shares of BlackRock’s spot Bitcoin exchange-traded fund (ETF).

SWIB was one of the early buyers of spot Bitcoin ETFs, setting a precedent for other U.S. states to follow. It is unclear why the agency decided to let go of more than $321 million worth of BlackRock’s iShares Bitcoin Trust (IBIT) shares, barely a year after they began accumulating.

SWIB Exits IBIT Position

After the U.S. Securities and Exchange Commission (SEC) approved the launch of spot Bitcoin ETFs in January 2024, SWIB acquired $99.2 million worth of IBIT shares. The entity also purchased $64 million worth of Grayscale’s Bitcoin Trust (GBTC), as revealed in its Form 13F filing for the first quarter of 2024.

SWIB’s move at the time made the headlines and sparked conversations about other U.S. states allocating parts of their reserves to acquiring Bitcoin ETFs. Even the State of New Hampshire, which has recently established a strategic Bitcoin Reserve, considered following in the Wisconsin board’s footsteps at the time.

Although SWIB eventually divested its GBTC holdings by Q2 2024, the agency increased its IBIT holdings to nearly 2.9 million shares worth at least $107 million at the time. The organization also acquired shares of other crypto firms, including the digital asset exchange Coinbase, Bitcoin miner Marathon Digital, and blockchain financial services providers Robinhood and Block Inc.

The latest Form 13F report filed with the SEC for the first quarter of 2025 shows that SWIB still holds at least $18.8 million of Coinbase shares despite exiting its position on BlackRock’s IBIT. The agency also has over $1 million in Marathon shares and $14.2 million in Robinhood stock.

IBIT Still Leading Spot Bitcoin ETFs

While SWIB offloaded its IBIT shares, other financial institutions have been loading their bags. One such example is the American multinational investment bank Goldman Sachs, which has been accumulating IBIT shares nonstop this year.

The analytical firm MacroScope revealed last week that Goldman Sachs had become the largest known IBIT holder internationally. The bank’s Q1 2025 Form 13F filing with the SEC revealed holdings of 30.8 million IBIT shares worth roughly $1.4 billion.

Consistent buys from entities like Goldman Sachs have solidified IBIT’s dominance in the spot Bitcoin ETF market, making the product the largest by assets under management.

Meanwhile, IBIT just ended a 20-day inflow streak, during which at least $5 billion moved into the fund.