Madison, Wisconsin: The State of Wisconsin Investment Board (SWIB), which manages the state’s pension fund, has significantly increased its Bitcoin exposure to approximately $321 million, according to a February 14 filing with the US Securities and Exchange Commission (SEC).
The latest disclosure shows a substantial rise from $164 million reported in May 2024, reflecting a growing trend among pension funds to diversify portfolios with digital assets.
Shift in Investment Strategy
In the May 2024 filing, SWIB revealed it held approximately 2.4 million shares of BlackRock’s iShares Bitcoin Trust (IBIT), valued at $100 million, and 1 million shares of Grayscale’s Bitcoin Trust (GBTC), worth $64 million.
The most recent filing indicates a strategic shift, with the pension fund consolidating all its Bitcoin exposure into IBIT and exiting its position in GBTC entirely.
Growing Trend Among Pension Funds
The increased Bitcoin allocation underscores a broader trend of pension funds investing in digital assets as a hedge against currency inflation and for portfolio diversification.
Despite Bitcoin’s volatility, pension funds typically have a long investment horizon, allowing them to capitalize on long-term price appreciation while weathering short-term fluctuations.
National Momentum for Crypto Adoption
Wisconsin is not alone in embracing Bitcoin within pension portfolios:
- In July 2024, the State of Michigan Retirement System disclosed $6.6 million in Bitcoin exposure.
- In October 2024, Florida’s Chief Financial Officer, Jimmy Patronis, urged the state’s pension board to consider Bitcoin investments.
- Most recently, in February 2025, North Carolina House Speaker Destin Hall introduced a bill to allow the state treasury to invest in digital assets via ETFs.
Legal Considerations
According to Attorney Allie Itami of Lathrop GPM, state pension funds have greater flexibility to invest in digital assets compared to privately managed funds, which face fiduciary restrictions under the Employee Retirement Income Security Act (ERISA) of 1974.
Industry Outlook
The State of Wisconsin Investment Board’s growing Bitcoin allocation reflects a shifting investment landscape, signaling increasing institutional acceptance of cryptocurrencies. As more state pension funds explore digital assets, Bitcoin’s role as a mainstream investment vehicle continues to solidify.
