Another holder of interest at the end of the first quarter was the Wisconsin Pension Fund, which in the last quarter doubled down on its IBIT position as it purchased an additional 447,651 shares of the fund. It also got rid of all of its shares of Grayscale’s Bitcoin Trust (GBTC) which were worth $63.7 million at the end of March. The state now owns 2,898,051 shares or $98.9 million as of the end of June.

A recent International Monetary Fund report claiming a surge in carbon emissions from AI and crypto usage has sparked a rebuttal from Bitcoin advocate Daniel Batten.

The report suggests that regulators should impose a ‘crypto carbon’ tax due to the alleged environmental impact of Bitcoin (BTC) mining.

Batten argued that the report is based on flawed comparisons and outdated data, going on to criticize the IMF’s use of a “guilt by association” technique, equating the carbon footprint of Bitcoin mining with that of AI data centers without contemporary evidence.

Batten points out that Bitcoin mining, unlike AI data centers, has been shown to have a net decarbonizing effect on energy grids, citing studies that highlight these differences.

Bitcoin mining emissions

Batten also disputed the IMF’s use of discredited sources and hypothetical models, which he claims distort the true environmental impact of Bitcoin mining.

According to Batten, independent data reveals that Bitcoin’s share of global electricity use and carbon dioxide emissions will decrease by 2027, contrary to IMF projections.

In his tweet, the advocate called for more honest and accurate research, emphasizing the growing scientific consensus that Bitcoin mining has significant environmental benefits. Batten warns that the IMF’s report, as it stands, is misleading and not a reliable resource for policymakers.

The State of Wisconsin Investment Board has increased its holdings in BlackRock’s iShares Bitcoin Trust, as revealed in a recent SEC filing.

A U.S. SEC filing on August 14 shows that the State of Wisconsin now holds almost 2.9 million shares of BlackRock’s iShares Bitcoin (BTC) Trust worth approximately $99.1 million.

SWIB’s IBIT holdings rose by 447,651 shares, bringing the total to 2,898,051, meaning the board spent approximately $14 million to acquire more shares.

This move marks a shift in SWIB’s investment strategy, as the board has fully exited its position in the Grayscale Bitcoin Trust, where it previously held 1,013,000 shares.

Bitcoin confidence

The board, which manages public funds, purchased over 1 million Grayscale GBTC shares valued at more than $63.3 million earlier this year, but now they are holding BlackRock’s BTC ETF.

This increase in IBIT holdings reflects growing institutional confidence in Bitcoin, with SWIB opting for direct Bitcoin exposure through spot ETFs. Wisconsin’s investment underscores the growing institutional interest in Bitcoin-backed products and may inspire other institutions and government agencies to follow suit.

Despite Bitcoin’s recent price fluctuations, the ongoing investment in spot Bitcoin ETFs signals a robust belief in the cryptocurrency’s long-term potential.