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The State of Wisconsin’s Investment Board (SWIB) created in 1951 has invested over $160 million in BlackRock’s spot Bitcoin ETF IBIT and Grayscale’s GBTC. The investment marks a move by the US state to adopt the asset alongside other investment vehicles for public pensions and trust funds.
A key piece of crypto legislation will soon be put to vote in the Congress, The Financial Innovation and Technology for the 21st Century Act (FIT21).
US State of Wisconsin bullish on Bitcoin?
The US State of Wisconsin is likely bullish on Bitcoin as the investment board declares an investment of $99 million in BlackRock’s spot Bitcoin ETF IBIT and $64 million investment in Grayscale’s GBTC, per a 13F form filing with the Securities and Exchange Commission (SEC).
State of Wisconsin filing
The institution was established in 1951 for safeguarding retirement, pension and trust funds of the state and its investment in Bitcoin ETFs is a sign of rising adoption among institutions.
After four weeks of consistent outflows in Bitcoin ETFs, a new trend has emerged where Exchange Traded Funds recorded inflows for two consecutive days this week.
Bitcoin netflow bar chart
Bitcoin holders see rise in demand for the asset as a positive sign. This could drive gains in BTC, coupled with rising inflow to ETFs, it could increase demand for the largest asset by market capitalization.
Key crypto bill to be voted on
The Stand with crypto group mentioned that the US Congress is set to vote on the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House. The bill is expected to write clear rules to ensure that investors are protected by high transparency, disclosure, protection of assets and other standards.
Congress is seeking to protect users against unfair practices, however the group calls market participants to call their representative and ask them to vote pro-crypto.
🚨 Congress has a unique chance to do more to protect you against unfair practices in the marketplace, but we need your support to get it across the finish line.
The Financial Innovation and Technology for the 21st Century Act (FIT21) is coming up for a vote in the House. This… pic.twitter.com/KZPMGsqtrr— Stand With Crypto🛡️ (@standwithcrypto) May 14, 2024
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