The State of Wisconsin Investment Board (SWIB) has completely liquidated its holdings in BlackRock’s iShares Bitcoin Trust ETF (IBIT), selling off over 6 million shares valued at about $355.6 million. This decision marks a significant shift as SWIB was one of the first state funds to integrate Bitcoin into its investment portfolio for state retirees since the launch of Bitcoin ETFs in early 2024. SWIB's previous filing indicated it held 6,060,351 shares in IBIT, representing around 0.2% of its $166 billion portfolio before the sell-off. Notably, this move occurs shortly after SWIB had reallocated shares from the Grayscale Bitcoin Trust to IBIT. In contrast, Abu Dhabi’s Mubadala Investment Company increased its stake in IBIT, acquiring an additional 491,439 shares, bolstering its total to nearly 8.73 million shares valued around $512 million. IBIT has witnessed substantial net inflows, surpassing $45 billion recently, although the inflow momentum briefly halted on May 13, before continuing strong flows since April 9.

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