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BlackRock

BlackRock’s Bitcoin ETF Secures Massive $99M Investment From Wisconsin State

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Institutional investors and US states are displaying heightened interest in the Bitcoin ETF market following regulatory approval by the US Securities and Exchange Commission (SEC) in January.

The latest development reveals that Wisconsin’s investment board has invested approximately $100 million in BlackRock’s iShares Bitcoin Trust ETF.

US States Eye Bitcoin ETF Market

According to a recent 13F form filed with the SEC, the Wisconsin investment board acquired $98.6 million worth of shares in the BlackRock ETF.

This significant investment contributes to BlackRock’s growing presence in the newly regulated market, which has experienced a substantial increase in inflows and trading volume since January.

Related Reading: Court Update: New Filing Reveals What Ripple Wants To Hide From Public

In addition, demonstrating the growing interest of US states in exploring opportunities to invest in the Bitcoin ETF market, Keith Ammon, New Hampshire State Representative and Vice Chair of Commerce and Consumer Affairs, recently initiated a discussion on diversifying the state’s financial reserves by investing in Bitcoin ETFs. 

BTC ETFs Poised For Expansion?

As reported by Bitcoinist on Monday, Ammon’s analysis highlights the potential benefits. It states that if New Hampshire had allocated just 5% ($4.65 million) of its 2016 rainy day fund to Bitcoin, it would now be worth nearly half a billion dollars ($473 million), representing a substantial 10,000% return on investment.

Ammon also references Manuel Nordeste, Fidelity’s Vice President of Digital Assets, who emphasizes the growing trend among major pension funds and big banks towards allocating funds to spot Bitcoin ETFs. 

Nordeste’s insights reveal that 25% of pension managers personally own digital assets, indicating a significant shift in interest within the digital asset market. 

Ammon suggests that if only 1% of state pension assets under management ($5.5 trillion) were to flow into Bitcoin, it would surpass mining revenue, creating a supply shortage relative to demand and driving further price increases for Bitcoin.

Related Reading: Pro-XRP Lawyer Deaton Secures Spot On Massachusetts GOP Ballot

In sum, these developments underscore the increasing appeal of Bitcoin ETFs to institutional investors and US states alike. With continued regulatory approval and growing interest, the Bitcoin ETF market seems to be poised to experience further expansion in the coming months.

Bitcoin ETF
The daily chart shows BTC’s price testing the $61,000 support again. Source: BTCUSD on TradingView.com

At press time, the largest cryptocurrency in the market is trading at $61,600 after failed attempts to consolidate above Monday’s high of $63,000. 

Featured image from Shutterstock, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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