The state of Wisconsin purchased $163 million in bitcoin ETFs in the first quarter

• The state of Wisconsin has purchased about $163 million worth of bitcoin, according to 13F filings.
• The state of Wisconsin Investment Board purchased bitcoin ETFs from BlackRock and Grayscale in the first quarter.

The state of Wisconsin purchased $163 million worth of bitcoin in the first quarter, according to a 13F filing made with the Securities and Exchange Commission.

The Wisconsin Investment Board manages the Badger state's pension, which is worth more than $150 billion. The pension's 13F filing shows that it holds about $38 billion in public stocks, as of March 31.

According to the filing, the board purchased just over 1 million shares of the Grayscale Bitcoin Trust for a total value of $63.7 million, and about 2.5 million shares of the iShares Bitcoin Trust for a total value of about $99.2 million.

Wisconsin appears to be one of the first state pension funds to have invested in the crypto space, and it's a big deal, according to Bloomberg Intelligence senior ETF analyst Eric Balchunas.

"Wow, a state pension bought $IBIT in the first quarter. Normally you don't get these big fish institutions in the 13Fs for a year or so (when the ETF gets more liquidity) but as we've seen these are no ordinary launches. Good sign, expect more, as institutions tend to move in herds," Balchunas posted to X on Tuesday.

In 2022, a Virginia pension said it gained approval to invest in crypto yield farming, with reports at the time stating that the Fairfax County retirement system had invested $70 million in the space.

Bitcoin has traded higher since the Wisconsin Investment Board made the filing, and is up 6.2% on Wednesday to $65,381, representing its highest level since May 6.