Wisconsin's Investment Board Dumped Its Entire Bitcoin (BTC) Bet During Q1 2024, Weeks Before Trump's Tariffs

Wisconsin's investment board saw fit to offload its entire Bitcoin (BTC) bet during the first quarter of the year, weeks before President Trump's economic tariffs sparked a crypto market downturn.

The State of Wisconsin Investment Board (SWIB) has liquidated its entire investment in BlackRock’s iShares Bitcoin Trust (IBIT).

According to a 13F filing with the U.S. Securities and Exchange Commission on Thursday for the fiscal quarter ending in March, the Wisconsin Investment Board no longer holds any shares of IBIT.

The filing marks the first time the state’s investment board has reported a lack of IBIT shares since the second quarter of 2024, when it disclosed an initial purchase of 6,060,351 IBIT shares for a total value of $335.9 million at the time.

The fund’s mass sell-off of its IBIT shares comes against the backdrop of increasing market uncertainty sparked by a slew of U.S. tariffs that unnerved global trade and risk assets.

Notably, the filing’s deadline, March 31, came just two days before President Trump’s ‘Liberation Day’ on April 2, when the U.S. imposed sweeping tariffs affecting almost all its major trading partners.

The move had been widely anticipated after the U.S. Trade Representative announced plans for tariffs on nearly all goods from France, Spain, Italy and Portugal in retaliation for their digital services taxes.

The tariffs on France’s wine, Spain’s cheese and Italy’s pasta were set to begin on Monday, April 2, marking the latest chapter in a long-running dispute over tech taxes.

The U.S. had threatened the tariffs last year after talks with the four European countries over a mutual agreement broke down.

The Biden administration also announced plans to impose tariffs of up to 25% on $7.5 billion worth of goods from China in retaliation for Beijing’s economic and trade policies.

The tariffs on Chinese goods, which included seafood, steel and textiles, were set to take effect on April 2 as well.

The U.S. also announced plans to impose tariffs on goods from Turkey and Vietnam.

The move was in response to Turkey’s currency manipulations and Vietnam’s trade practices, which the U.S. said were unfair.

The tariffs on Turkish goods, which included aluminum and steel products, were set to begin on April 2. The tariffs on Vietnamese goods, which included seafood and furniture, were set to begin on April 1.

The U.S. also announced plans to continue imposing tariffs on goods from Russia and North Korea.

The tariffs on Russian goods, which were first imposed in 2018 in response to Russia’s annexation of Crimea and interference in the 2016 U.S. presidential election, included metals, chemicals and wood products. The tariffs on North Korean goods, which were first imposed in 2006 in response to North Korea’s nuclear and missile programs, included textiles, seafood and minerals.

The U.S. also announced plans to continue imposing tariffs on goods from Iran and Cuba.

The tariffs on Iranian goods, which were first imposed in 2018 after President Trump pulled the U.S. out of the Joint Comprehensive Plan of Action, or JCPOA, a 2015 nuclear deal with Iran, included oil, gas and carpets. The tariffs on Cuban goods, which were first imposed in 1960 after Fidel Castro’s revolution, included sugar, coffee and tobacco.

The U.S. also announced plans to continue imposing tariffs on goods from Syria and Venezuela.

The tariffs on Syrian goods, which were first imposed in 2011 after the outbreak of the Syrian Civil War, included textiles, food and metal products. The tariffs on Venezuelan goods, which were first imposed in 2015 after the deterioration of the economic and political crisis in Venezuela, included oil, gas and coffee.