Correction

Aug. 14, 18:47 UTC: The initial story erroneously said the State of Wisconsin Investment Board purchased nearly $100 million in BlackRock’s iShares Bitcoin Trust. In fact, that was the value of the total position, which was not much changed from the previous quarter. Corrections throughout below:

The State of Wisconsin Investment Board purchased more shares of one spot bitcoin exchange-traded fund (ETF) in the second financial quarter of 2024 while unloading its position in another.

The Board bought 447,651 shares of BlackRock’s iShares Bitcoin Trust, increasing total holdings to 2,898,051 shares, valued at $98.9 million as of the end of the quarter, according to a 13-F filing with the Securities and Exchange Commission. It also sold its entire holding of the Grayscale Bitcoin Trust (GBTC), worth $63.7 million in the previous quarter.

This marks the second consecutive financial quarter in which the Board reported investments in spot bitcoin ETFs.

Despite the increase in shares of the iShares Bitcoin Trust, a drop in price resulted in a dollar value decrease of $228,227. As of the quarter’s end, this has reduced total exposure to spot Bitcoin ETFs by approximately 39%.

However, the Board also acquired 5,980 shares of crypto exchange Coinbase, bringing total holdings to 98,446 shares, valued at nearly $21.9 million. Additionally, 77,996 shares of bitcoin miner Marathon Digital were purchased, increasing holdings to 115,084 shares, worth around $2.3 million.

As of Aug. 13, IBIT holds the largest market share among spot bitcoin ETFs at 58.8%, followed by GBTC at 15.2%.