The State of Wisconsin Investment Board (SWIB), responsible for managing the state’s retirement funds, has divested its holdings in BlackRock’s iShares Bitcoin Trust ETF (IBIT) in the first quarter, as per recent filings. The SWIB’s 13F filing with the US Securities and Exchange Commission on May 15 revealed no spot Bitcoin ETF positions, indicating the sale of all 6,060,351 IBIT shares previously held. The value of over 6 million IBIT shares stands at approximately $355.6 million at current prices. SWIB had initially invested $164 million in Bitcoin ETFs in Q1 2024, coinciding with the launch of Bitcoin products. This move made SWIB one of the first state investment funds to offer Bitcoin exposure to US retirees. The recent sale comes shortly after SWIB’s acquisition of additional IBIT shares in Q4 and the reallocation of 1 million shares from the Grayscale Bitcoin Trust to IBIT. SWIB manages assets worth over $166 billion, with the Bitcoin ETFs accounting for about 0.2% of its total portfolio before the sell-off. In contrast, Abu Dhabi’s sovereign wealth fund Mubadala increased its IBIT holding by acquiring 491,439 shares in Q1, bringing its total IBIT shares to 8,726,972, valued at approximately $512 million. IBIT has witnessed significant net inflows, crossing $45 billion on May 14 after registering a net inflow of $232.9 million. The 20-day streak of net inflows ended on May 13, marking a day with no net inflow. BlackRock’s IBIT has not experienced any outflows since April 9. Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARK) follow IBIT in all-time net inflows at $11.6 billion and $2.7 billion, respectively. The flow data of US-based spot Bitcoin ETFs since April 28 is illustrated in the provided figures.