David Krause, a Marquette University professor emeritus, told PBS Wisconsin on May 31 that other U.S. states might follow Wisconsin's lead in investing in spot Bitcoin ETFs. Krause described Bitcoin as a strong investment for state pension funds, highlighting its benefits for diversification, its high potential for returns, and its value as a hedge against inflation. He also noted Bitcoin's underappreciated capacity to mitigate government action volatility.

However, Krause clarified that only funds like the State of Wisconsin Investment Board (SWIB) and other well-capitalized state funds could endure the crypto market's fluctuations. He stated, "I don’t expect those that are underfunded can afford to [invest] because this is a long play."

While he did not specify which states might invest, data from Equable showed that in 2023, seven state pension funds had funding ratios equal to or greater than Wisconsin's 95%, with three exceeding 100%. Conversely, Illinois had the lowest funding ratio at 51%.

Krause suggested that Wisconsin might increase its investment, calling SWIB's initial investment a "trial run" to gauge public reaction. He noted that the investment community was surprised by how quickly a pension fund invested in spot Bitcoin ETFs.

SWIB currently holds over $160 million in spot Bitcoin ETF shares, including BlackRock’s IBIT and Grayscale’s GBTC, representing about 0.1% of its $180 billion total value. However, recent filings report the fund's value at $37.9 billion. According to Fintel data, as of June 3, SWIB is among the top investors in Bitcoin ETFs, holding the sixth-largest IBIT and 13th-largest GBTC positions. The investments were first disclosed on May 14.