EddieJayonCrypto

 15 Aug 24

tl;dr

The Wisconsin Investment Board (SWIB) increased its holdings in BlackRock Bitcoin ETF (IBIT), as per a recent SEC filing. This reflects a growing trend among institutional investors toward Bitcoin ETFs, signaling confidence in the cryptocurrency's long-term potential. SWIB also exited its position i...

The Wisconsin Investment Board (SWIB) has increased its holdings in BlackRock Bitcoin ETF (IBIT), as per a recent SEC filing. This reflects a growing trend among institutional investors toward Bitcoin ETFs, signaling confidence in the cryptocurrency's long-term potential.

SWIB also exited its position in the Grayscale Bitcoin Trust (GBTC), indicating a shift in its investment strategy. This move aligns with the broader institutional preference for direct Bitcoin exposure through Spot BTC ETF and signifies a changing view of Bitcoin's role in traditional investment portfolios.

The increase in IBIT holdings reinforces the trend of growing institutional endorsement of Bitcoin. This trend is part of a larger institutional focus on Spot BTC ETFs, with significant inflows into the US Spot Bitcoin ETF. BlackRock Bitcoin ETF has seen substantial inflows, while Grayscale's GBTC experienced outflows.

Bloomberg ETF strategist Eric Balchunas predicts that IBIT will become the largest Bitcoin fund by next year. Additionally, Goldman Sachs' latest disclosure reflects growing institutional interest in Bitcoin ETF.

In a recent US SEC filing, the Wisconsin Investment Board disclosed its holdings of 2,898,051 shares of BlackRock iShares Bitcoin Trust (IBIT) as of June 30. This marks an increase from 2,450,400 shares reported in May. With an increase of 447,651 shares, the board holds around $99 million of BlackRock iShares Bitcoin Trust as of June 30.

Notably, this significant increase in their BlackRock Bitcoin ETF holdings reflects a growing confidence of the board in BTC’s long-term prospects as an investment asset. However, the board has noted a complete exit from Grayscale’s GBTC, where it previously held 1,013,000 shares as of May.

The latest move of the Wisconsin Investment Board is part of a larger trend among institutional investors, with several state pension funds now focusing on Spot BTC ETFs. This shift is also evident in the recent inflows into the US Spot Bitcoin ETF. In just the first two days of this week, these ETFs saw inflows totaling nearly $60 million, indicating a strong investor appetite for Bitcoin exposure.

Meanwhile, BlackRock’s IBIT has surged to third place among global BTC holders, after the Binance exchange and Satoshi Nakamoto. Bloomberg ETF strategist Eric Balchunas predicts IBIT will become the largest Bitcoin fund by next year, potentially overtaking Nakamoto’s 1.1 million BTC. In addition, the latest disclosure of Goldman Sachs also reflects the growing institutional interest in Bitcoin ETF.

However, despite the inflows into the investment instrument, Bitcoin price appears to be struggling, especially after the latest US CPI inflation data.

More about Emeren Group Ltd
Stock Analysis Summary

Stock Analysis Summary

Company: ReneSola Ltd

Industry: Manufacturing, Semiconductors & Related Devices

Market Cap: 76320000

Dividend Yield: None

EPS: -0.68

PE Ratio: 1.918

ROE: -0.127

Volume: 106582000

50-Day Moving Average: 4.38

200-Day Moving Average: 3.42

Relative Strength Index (RSI): 0.148

More about AT&T Inc

AT&T Inc. is an American multinational conglomerate holding company, Delaware-registered but headquartered at Whitacre Tower in Downtown Dallas, Texas. It is the world's largest telecommunications company and the second largest provider of mobile telephone services.

Sector: Technology

Industry: Telephone Communications (No Radiotelephone)

Market Cap: 139.96 billion

Price: $11.22

Change: $1.11

Change (%): 1.74%

PE Ratio: 16.99

EPS: $0.104

Revenue: 122.20 billion

Dividend Yield: 21.1%

Beta: -0.197

Volatility (Month): -0.004

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