The State of Wisconsin is the owner of 2.4 million shares of BlackRock's iShares Bitcoin Trust (IBIT), valued at about $99.1 million, according to a U.S. SEC filing dated May 14.

The paper also states that as of the end of March, the jurisdiction had over a million Grayscale GBTC shares, valued at over $63.3 million. According to the report, Wisconsin's government bought its spot Bitcoin (BTC) ETF shares prior to the conclusion of the first quarter of this year.

Adoption of Bitcoin ETFs rises
The State of Wisconsin Investment Board was founded in 1951 and is responsible for managing and allocating state trust and public monies. Wall Street heavyweights like Jamie Dimon, the CEO of JPMorgan Chase, have expressed doubt, but the investment confirms that Americans are still interested in Bitcoin-backed products.

Wisconsin's decision may signal entry from other organizations and governmental bodies, according to ETF specialist Eric Balchunas. Additionally, the state investment board owns cryptocurrency stocks from companies including MicroStrategy, Riot Platform, and Coinbase.

After receiving clearance for 11 products in January from the U.S. SEC, spot BTC ETFs have seen an incredible surge. Less than six months after their inception, ten new issuers have gathered over $20 billion in assets under management, with BlackRock, the largest new market player, almost matching incumbent Grayscale.

Initially dismissing the products, banks such as Wells Fargo have now allowed their clients to see Bitcoin exchange-traded funds (ETFs) and have even put internal funds in Grayscale's offerings.