The State of Wisconsin Investment Board (SWIB) has liquidated its entire $321 million stake in BlackRock’s iShares Bitcoin Trust (IBIT), a move that contrasts with the growing exposure of other institutions towards Bitcoin ETFs. This unexpected shift, highlighted by a recent SEC filing, signals a significant reevaluation of SWIB’s crypto holdings. The fund previously invested in IBIT during Q1 2024, marking an early embrace of spot Bitcoin ETFs. However, this quarter reveals a departure from that strategy with the complete exit from IBIT. This aligns with other institutions like Mubadala and Citadel Advisors who are diversifying their Bitcoin holdings beyond SWIB’s strategy. Despite its full exit, IBIT continues to experience substantial inflows, exceeding $45 billion in net inflows as of May 14th. In contrast, rivals such as Fidelity’s FBTC and ARK’s ARK ETF have seen comparatively lower inflows, highlighting the growing dominance of IBIT.