The State of Wisconsin Investment Board quietly liquidated its entire $300 million stake in BlackRock’s iShares Bitcoin Trust (IBIT) sometime during the first quarter of 2025, according to a new 13F filing with the U.S. Securities and Exchange Commission on Thursday.

The sale occurred against the backdrop of growing market uncertainty triggered by a wave of U.S. tariffs that rattled global trade and risk assets.

Notably, the filing’s cutoff date—March 31—came just two days before the so-called ‘Liberation Day’ on April 2, 2025—a reference to the day the U.S. imposed comprehensive tariffs affecting nearly all its major trading partners.

The SEC filing, dated May 15, confirms SWIB sold its Bitcoin ETF holdings ahead of the March 31 reporting date for the end of the first quarter of the year.

According to the board’s previous filing, dated February 14, the fund held 6,060,351 IBIT shares, worth approximately $321,501,621.

Shifting market optics

The broader economic landscape also shifted dramatically following President Donald Trump’s inauguration, which began an aggressive new trade policy that seeks to reshore manufacturing on U.S. soil and spur domestic growth.

The administration announced 25% tariffs on goods from Canada and Mexico and a 10% tariff on Chinese imports on February 1. Two days later, the Canada and Mexico tariffs were paused for 30 days, though the 10% tariff on China took effect on February 4.

By February 11, President Trump reinstated a 25% tariff on steel imports and raised the tariff on aluminum to 25%. Trade pressure ramped up on March 4, when the U.S. increased tariffs on China to 20%.

The tit-for-tat policy spiral of tariffs led to significant market instability, with Goldman Sachs analysts warning the new tariffs could push core inflation to 3.8% this year.

The crypto markets were not left unscathed, where Bitcoin fell 2.3% to around $83,200, while Ethereum dropped 4.5%.

Amid a retaliatory spiral, U.S. tariffs on Chinese goods surged to 145%, while China raised tariffs on U.S. products to 125%, sending Bitcoin below $75,000.

Tensions began to ease in May when the U.S. and China temporarily reduced tariffs.

The U.S. lowered its rate on Chinese goods to 30%, while China reduced its tariff on U.S. imports to 10%.

As of mid-May, President Trump has also paused most reciprocal tariffs on other countries.

Edited by Sebastian Sinclair

Advantage, Indiana Pacers.

The Pacers, fourth in the Eastern Conference, entered their second-round series against the top-seeded Cleveland Cavaliers as heavy underdogs. But suddenly, the ball is in their court.

After upsetting Cleveland Game 1, they overcame a 20-point deficit thanks to Tyrese Haliburton to take a commanding 2-0 lead, winning both games on the road.

Indiana had slowly chipped away, but Cleveland looked like they were going to go on the road evening up the series, as they led by seven with less than 50 seconds to go.

But Aaron Nesmith threw down a dunk, and Donovan Mitchell was called for an offensive foul two seconds later. Pascal Siakam hit a layup with 27.1 seconds, making it a three-point game.

The Cavs called a timeout, but it did nothing, as they turned the ball over on the inbound. They then fouled Haliburton, who made just one of two, but Haliburton got his own rebound. He then hoisted up and cashed a stepback three to go up 120-119, which would turn out to be the final score, with 1.1 seconds left.

It was a crusher for Cleveland, whose best player in Mitchell dropped 48 points in a losing effort.

Tyrese Haliburton #0 of the Indiana Pacers makes the game winning 3 point basket during the game against the Cleveland Cavaliers during Round Two Game Two of the 2025 NBA Playoffs on May 6, 2025 at Rocket Arena in Cleveland, Ohio.  (David Liam Kyle/NBAE via Getty Images)

Haliburton scored 11 of his 19 points in the final 12 minutes. 

It’s the first time the Pacers won the first two games of a playoff series on the road since 1994 against Orlando.

The Cavs were missing three key players: NBA Defensive Player of the Year Evan Mobley (left ankle) and key reserve De’Andre Hunter (right thumb) were injured in Game 1, while Darius Garland (left big toe) missed his fourth straight postseason game.

Tyrese Haliburton #0 of the Indiana Pacers celebrates after the game against the Cleveland Cavaliers during Round 2 Game 2 of the 2025 NBA Playoffs on May 6, 2025 at Rocket Arena in Cleveland, Ohio. (Joe Murphy/NBAE via Getty Images)

Game 3 is at Indiana on Friday night, as Indiana looks for a second consecutive appearance in the Eastern Conference Finals.

The Associated Press contributed to this report.

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