Wisconsin Investment Board (SWIB) Has Fully Divested Its Bitcoin Position in iShares Bitcoin Trust IBIT

The State of Wisconsin Investment Board (SWIB) has fully divested its position in BlackRock's iShares Bitcoin Trust IBIT, a move confirmed in an SEC filing on May 15.

The State of Wisconsin Investment Board (SWIB) has completely sold its holding in BlackRock's (NYSE:BLK) iShares Bitcoin Trust IBIT, according to an SEC filing on Monday.

What Happened: SWIB's liquidation of its entire 6 million-share stake was completed by March 31, just before the start of a quarter that saw increased volatility and a shift in global trade policy.

The timing of the sale is significant. It occurred two days before "Liberation Day" on April 2, when the U.S. implemented sweeping tariffs, drastically altering the global trade landscape.

This new policy marked a major escalation in President Donald Trump's efforts to reshape American trade by promoting domestic manufacturing and imposing penalties on foreign imports.

Throughout February and March, the White House announced a series of tariffs: 25% on Canadian and Mexican goods (later suspended), 10% on Chinese imports, and increased duties on steel and aluminum.

The trade standoff reached a peak in March with the U.S. tariffs on Chinese goods reaching 145%, leading to retaliatory tariffs of 125% from Beijing.

Amid this escalating trade war, financial markets experienced volatility. At the height of the tariff retaliation, Bitcoin (BTC) fell below the $75,000 level.

By mid-May, there were signs of de-escalation as both the U.S. and China agreed to partially roll back tariffs, with the U.S. reducing tariffs on Chinese goods to 30% and China lowering its own tariffs to 10%. Trump also suspended most reciprocal tariffs on allies.

SWIB's decision to liquidate its Bitcoin ETF holdings prior to this policy shift may indicate the fund was seeking to decrease exposure to risky assets amid macroeconomic uncertainty.