Mubadala Doubles Down on Bitcoin via IBIT as Wisconsin Flees Crypto ETFs—Guess Who’ll Be Smiling in 5 Years?
Abu Dhabi’s $300B sovereign wealth fund just upped its Bitcoin bet through BlackRock’s IBIT—while Wisconsin’s pension fund quietly ditched crypto ETFs. Someone’s hedging for hyperbitcoinization… and someone’s preparing PowerPoints about ’risk management.’
Hot money vs. cold feet: The oil-rich emirate’s move signals institutional FOMO is alive, even as US pension funds play musical chairs with digital assets. IBIT’s $20B AUM suggests Wall Street’s custody solution is winning over whale capital.
Meanwhile in Madison: The Badger State’s exit follows the SEC’s predictable ETF approval theater—because nothing says ’prudent investing’ like buying high and selling before the halving. Cue the inevitable 2026 reinvestment press release.
Wisconsin exits Bitcoin ETF exposure
The State of Wisconsin Investment Board (SWIB), which manages assets for the Wisconsin Retirement System and other state-managed funds,no bitcoin exchange-traded fund (ETF) holdings as of March 31, effectively liquidating its exposure in the first quarter.
In its fourth quarter filing, SWIB had disclosed 6,060,351 shares of IBIT valued at $321.5 million. That represented a 110% increase from the 2,898,051 shares it held during the second quarter of 2024.
SWIB’s position had previously replaced its holdings of Grayscale’s GBTC, which it held through the second quarter of 2024. However, the complete exit reflected in its latest filing suggests a reassessment of short-term exposure to crypto through ETF structures.
The contrasting strategies between Mubadala and SWIB reflect a divergence in state-backed positioning toward Bitcoin amid a volatile pricing environment in early 2025.
While Mubadala opted to expand its exposure through a higher share count despite a declining asset value, SWIB’s liquidation points to reduced risk tolerance or a pivot in portfolio strategy.
Both filings provide updated data on institutional investors’ response to Bitcoin’s volatility through ETF-based access as traditional finance integrates with crypto.
