The State of Wisconsin Investment Board (SWIB) and others have made investments in spot Bitcoin ETFs.

In a filing dated May 14, SWIB revealed holdings of 2.5 million shares of BlackRock’s IBIT valued at $99.1 million and 1.0 million shares of Grayscale’s GBTC valued at $63.7 million.

This investment positions SWIB as the second-largest holder of IBIT, following Bracebridge Capital, and the seventh largest holder of GBTC, trailing others including the largest holder, Susquehanna International Group (SIG).

SWIB, an independent state agency, manages the assets of the Wisconsin Retirement System, the State Investment Fund (SIF), and other state funds.

According to Bloomberg ETF analyst Eric Balchunas, this investment is unusually early for such institutions, as they typically wait for about a year for ETFs to gain greater liquidity. Balchunas added that these investments signify significant interest, and he expects more, as institutions tend to follow each other.

Separately, fintech investment management firm Titan Global Capital Management disclosed holdings of 1.6 million shares of IBIT valued at $65.5 million in a filing on May 13, making Titan the fourth largest IBIT holder.

In another filing on May 14, the Ohio-based KeyBank National Association disclosed holdings of 3,723 shares of GBTC valued at $235,182. KeyBank ranked among the 25 largest US banks in 2021.

These investments follow disclosures from other companies, including Symmetry Invest and Rubric Capital, JP Morgan and Wells Fargo, Hightower Investors and SouthState Bank, US Bancorp and Edmond De Rothschild Holding SA, and UBS and Multicoin Capital.

Although some companies have invested in spot Bitcoin ETFs other than IBIT and GBTC, these two funds are common investments. Fintel data shows that at least 317 firms have disclosed investments in IBIT, and at least 502 firms have disclosed investments in GBTC.

IBIT and GBTC are the two largest spot Bitcoin ETFs by assets under management (AUM), with $17.2 billion and $18.3 billion in AUM, respectively. Collectively, all ten active spot Bitcoin ETFs manage $52.8 billion in assets.