The Bitcoin ETF stake was sold by the Wisconsin fund during the first quarter, several weeks prior to the broad U.S. tariff measures that led to a downturn in the crypto market.
According to a new 13F filing submitted to the U.S. Securities and Exchange Commission on Thursday, the entire $300 million stake in BlackRock’s iShares Bitcoin Trust (IBIT) was discreetly liquidated by the State of Wisconsin Investment Board at some point during the first quarter of 2025.
The sale was executed amid increasing market volatility brought on by a series of U.S. tariffs, which disrupted global trade and unsettled risk assets.
Significantly, the cutoff date of the filing—March 31—was recorded just two days prior to April 2, 2025, widely referred to as ‘Liberation Day,’ marking the imposition of broad U.S. tariffs impacting nearly all major trading partners.
The SEC filing dated May 15 confirms that the Bitcoin ETF holdings were sold by the State of Wisconsin Investment Board (SWIB) prior to the March 31 reporting deadline for the conclusion of the first quarter.
Based on the board’s earlier filing dated February 14, a total of 6,060,351 IBIT shares, valued at approximately $321,501,621, were held by the fund.
Changing Perspectives on Market Trends
A significant shift in the broader economic landscape was observed following the inauguration of President Donald Trump, as an assertive new trade policy was launched aiming to bring manufacturing back to U.S. territory and stimulate domestic economic growth.
A 25% tariff on imports from Canada and Mexico, along with a 10% tariff on Chinese goods, was announced by the administration on February 1. On February 3, the tariffs targeting Canada and Mexico were temporarily suspended for 30 days, while the 10% tariff on Chinese imports was implemented on February 4.
By February 11, a 25% tariff on steel imports was reinstated by President Trump, and the tariff on aluminum was raised to 25%. Trade tensions were further escalated on March 4, when tariffs on Chinese goods were increased to 20% by the U.S. administration.
A tit-for-tat escalation of tariff policies resulted in notable market volatility, with warnings issued by Goldman Sachs analysts that the newly imposed tariffs could elevate core inflation to 3.8% within the year.
The crypto markets were also impacted, with Bitcoin being reduced by 2.3% to approximately $83,200, and Ethereum experiencing a decline of 4.5%.
During the escalation of retaliatory measures, U.S. tariffs on Chinese imports were raised to 145%, while China increased tariffs on American goods to 125%, resulting in Bitcoin being driven below $75,000.
Tensions were alleviated in May as a temporary reduction in tariffs was implemented by both the U.S. and China.
The tariff rate on Chinese goods was reduced to 30% by the U.S., while a decrease to 10% on tariffs for U.S. imports was implemented by China.
By mid-May, the majority of reciprocal tariffs on other nations had been temporarily suspended by President Trump.
