The State of Wisconsin Investment Board eliminated its entire stake in the iShares Bitcoin Trust ETF IBIT during the course of the first quarter of 2025, according to a quarterly filing with the U.S. Securities & Exchange Commission.

The state pension fund was one of the first institutional investors to add the just-launched spot bitcoin ETFs to its portfolio in the first quarter of 2024.

As of the end of last year, it had a stake in the iShares ETF of $321.5 million, according to fourth-quarter 13-F filings.

Officials at the pension fund could not immediately be reached for comment.