Change is in the air.
Let’s get right to today’s Key Reads.
The State of Wisconsin Investment Board does not follow fads. It does its homework and has been fine stewards of the state employees’ retirement fund, which is the ninth largest such fund in the nation. This move may very well be transformational as it sends a strong signal that cryptocurrency related investments are at least worth considering.
Wisconsin pension fund invests $162 million In Bitcoin ETFs | Cryptonews
One of the largest pension funds in the United States disclosed on Tuesday a $162 million allocation to the nation’s leading Bitcoin spot ETF products launched earlier this year.
Per a 13F filing with the Securities and Exchange Commission (SEC), the State of Wisconsin Investment Board (SWIB) held $99 million in the iShares Bitcoin Trust (IBIT) as of March 31.
It also held $63 million in the Grayscale Bitcoin Trust (GBTC), which is BlackRock’s largest competitor in terms of size but also charges a much heftier 1.5% annual management fee.
The allocation marks a major step for Bitcoin’s adoption as a global store of value. The asset’s most fervent bulls have long wished to see it graduate from being a speculative vehicle for retail and hedge fund traders into a treasury reserve asset for corporations and governments…
The reported total value of SWIB’s securities portfolio was $37.8 billion, making its Bitcoin position a mere 0.4% allocation. As of December 31, 2023, SWIB controlled $155 billion in total assets, comprising 85% of the entire Wisconsin retirement system.
Well of course they do. As the Mark Mone watch continues, the groups he appeased rally to his support. (This won’t help his case.)
Pro-Palestinian protesters support UW-Milwaukee leaders, protest agreement | The Center Square
A day after the head of the University of Wisconsin said he was disappointed with the way UW-Milwaukee’s chancellor brought an end to the campus protests there, the groups that protested came out in full-throated support of UWM.
The Wisconsin Coalition for Justice in Palestine released an open letter “applauding” UW-Milwaukee leaders for peacefully ending the protests.
“We applaud the university for not employing violence against their own students. The agreement between the administration and the students amounted to ongoing dialogue, that is the minimum to be expected from an institution of higher learning. These students represent a new generation of peace activists in the spirit of Nelson Mandela and Dr. Martin Luther King, Jr. These brave students are finding the path towards peace is marred by oppressive racists who are more concerned with upholding the status quo of violence and hatred than of peace and human dignity,” the letter states.
The letter also accuses Jewish groups and some Jewish students of supporting what the protesters call “Israel’s massacres.”
“The Milwaukee Jewish Federation, Hillel and ADL are organizations which serve as the Israeli government’s PR machine in this country and specifically here in Milwaukee. Tactics designed to silence any criticism of Israel’s treatment of Palestinians are employed at all levels of society. Their attacks on a peaceful community of students who have become our collective conscience on the horrific slaughter is shocking but not surprising. The narrative of these zionists shows a lack of reasoning and human sanity,” the letter added.
UW President Jay Rothman on Tuesday said he is “disappointed” in the agreement that UW-Milwaukee Chancellor Mark Mone signed with campus protesters. Rothman did not say which part of the agreement he dislikes but said the university must remain “viewpoint neutral.”
UWM’s agreement with protesters called for a ceasefire and called on Israel to release what the agreement refers to as Palestinian “hostages” being held in Israeli jails.
UWM is also promising not to bring any discipline against the protesters who spent two weeks illegally camping on campus.
In exchange for the university’s support, the protesters agreed not to disrupt this weekend’s graduation. But protest leaders said earlier this week that may bring their tents back to campus if they are disappointed in UWM’s performance.
Adaptation is the key to survival.
Wisconsin State Polka Festival making adjustments to accommodate aging fan base | WPR
They’ll be rolling out the barrel at the 45th Wisconsin State Polka Festival — but they may be taking a few more rest breaks.
According to chair of the festival Jerry Butalla, the festival’s dancers — most of whom are past retirement age — can’t kick up their heels quite as high these days. At 82 years old, he only does one or two dances a day because he “gets winded” easily.
To accommodate its faithful, dancing on the second day of the festival, May 18, will be trimmed down from its usual 10-hour marathon to a still impressive six hours.
Most of our state is expected to enjoy fantastic weather this weekend. We expect there will a few lines in the water, steaks on the grill, plants in the garden and tents in the campgrounds.
In the campgrounds. Someone tell the current UWM Chancellor that’s where they belong.
We’ll be back Monday. Have a fabulous weekend.
