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Wisconsin Pension Fund Sold $300M BlackRock Bitcoin ETF Stake Amid Tariff Turmoil, New Filing Shows – Decrypt

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Wisconsin Pension Fund Sold 0M BlackRock Bitcoin ETF Stake Amid Tariff Turmoil, New Filing Shows – Decrypt


In brief

  • According to an SEC filing, Wisconsin sold its entire $300M stake in BlackRock’s Bitcoin ETF in early 2025.
  • The sale came amid rising U.S.-China trade tensions and sweeping tariffs from the Trump administration.
  • Crypto markets tumbled, with Bitcoin falling below $75,000 and Ethereum dropping to two-year lows as trade fears grew.

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.

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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.

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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.

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Edited by Sebastian Sinclair

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Wisconsin

The 2025 Wisconsin State Fair Sporkies & Drinkies finalists are here!

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The 2025 Wisconsin State Fair Sporkies & Drinkies finalists are here!


There are only 49 more days until the kick-off of the Wisconsin State Fair, which takes place July 31- August 10. And the list of State Fair Foods is already heating up thanks to the release of the 2025 Sporkies and Drinkies Finalists.

This year, eight Sporkies finalists have been selected from a pool of 35 entries, with four Drinkies making the cut from 17 entries.  That list will be pared down even further on Tuesday, July 29 when a panel of local celebrity judges will choose the winners (based on appearance, presentation, creativity, originality and taste) for the Golden Spork and Golden Cup awards. 

All Sporkies and Drinkies items will be available for purchase during the 11 glorious days of the Wisconsin State Fair. A massive 13-foot Spork or Drinkie statue will be displayed at all finalists’ locations. All vendors who entered either competition will display a sticker at their State Fair location(s).

Here are this year’s contenders:

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Carnival Cooler

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Submitted by: Tropics at the Fair 
The Carnival Cooler is a bright pink drink that tickles the tastebuds with a mix of watermelon, pickle juice, and lemonade. Add zesty lime, Tajín, and the sweet heat of hot honey to create a bold mix of sweet, salty, tangy, and heat. Finish the drink off with a lime wedge on a carousel pick and fun straw for summer in a cup. Plus, this drink can be made alcoholic for Fairgoers 21+.

Dirty Pancakes

Dirty PancakesX

Submitted by: Buzzy Badger 
The Dirty Pancakes is a playful take on a dirty soda that tastes like breakfast in a cup! Root beer is mixed with vanilla creamer and maple pancake syrup, brown sugar popping boba, and then topped with whipped cream. Plus, breakfast lovers will rejoice as the straw is lined with mini pancakes for an on-the-go snack.

Dubai Chocolate Strawberry Smoothie

Dubai Chocolate SmoothieX

Submitted by: Caribbean Smoothees
The Dubai Chocolate Strawberry Smoothie is a decadent blend of fruity, nutty, and rich dessert flavors in one strikingly beautiful drink. A refreshing strawberry smoothie is layered inside a cup swirled with pistachio butter and chocolate topping, then garnished with shredded Kataifi and extra chocolate drizzle. This Insta-worthy twist on the viral Dubai chocolate trend is a can’t miss treat!

Purple Rain Refresher

Purple Rain RefresherX

Submitted by: Rock and Roll Beer Garden
Inspired by the glam and grit of rock legends, the Purple Rain Refresher is a show-stopping drink that captures the magic of a live show. This mix of Concord grape juice, tart lemonade, and grapefruit soda is topped with edible glitter and pop rocks that shimmer and crackle like the crowd at a headliner set. Plus, this drink changes color with each sip of shimmering blue and silver edible glitter!

A Hunk A Hunk Elvis Donut Ice Cream Sandwich

Elvis SandwichX

Submitted by: Badger Bites
A sweet and savory donut ice cream sandwich that would make The King proud. Enjoy a Grebe’s Bismark donut stuffed with a heaping scoop of Fat Elvis Ice Cream (banana ice cream swirled with salty peanut butter ripple and rich chocolate chips) and pressed for warm, gooey perfection. It’s topped with chocolate and peanut butter sauce, crispy bacon, and powdered sugar for the ultimate indulgence.

Blueberry Breakfast Bratwurst

Blueberry BratwurstX

Submitted by: Milwaukee Brat House
Blueberry Breakfast Bratwurst is a morning-meets-Wisconsin creation wrapped in fluffy pancake perfection. Usinger’s Blueberry-infused brat is nestled inside a flapjack and pairs perfectly with sweet and smoky house-made bourbon bacon jam. No matter what time of day, this is a breakfast lover’s dream!

Brat Rangoon

Brat RangoonX

Submitted by: WürstBar
Brat Rangoon are a crave-worthy fusion of Wisconsin comfort and Asian street food. This unique German-Asian dish features crisp wonton wrappers filled with bratwurst, cream cheese, green onion, and melted cheese, deep-fried, and drizzle with house-made sweet and sour sauce. Topped with Nori Komi Furikake seasoning, these savory bites pack flavors together in every crispy crunch.

Gochujang Smashburger with Kimchi Bacon Jam
 

Gochujang Smash BurgerX

Submitted by: Blue Moon Tavern at the Park 
Gochujang Smashburger with Kimchi Bacon Jam is a mouthwatering Korean-inspired burger bursting with heat, umami, and crunch. It features double smash patties layered with melty gouda, tangy gochujang sauce, crunchy cucumbers, and sweet-spicy kimchi bacon jam – all on a toasted brioche bun. Finished with fresh cilantro, it’s an unforgettable fusion of comfort food and global flavor!

Mexican Street Corn Pizza

Mexican Street Corn PizzaX

Submitted by: Charlie’s Pizza 
Mexican Street Corn Pizza is a flavor fiesta inspired by the beloved flavors of elote. This bold and cheesy pizza features sweet corn, mozzarella, cotija cheese, spicey mayo, and fresh lime on a crispy, golden pizza crust. Topped with a lime, each slice is served hot and ready for tangy, creamy, and savory bites.

Pretzaroni Pizza Brat

Pretzaroni BratX

Submitted by: Gertrude’s Pretzels
Pretzaroni Pizza Brat is the delicious fusion of a pretzel, a pizza, and a bratwurst. A St. Joe’s Garlic Parmesan brat is wrapped in pretzel dough lined with pepperoni, baked to golden perfection, and finished off with homemade garlic parm topping. Served with a side of marinara, it’s cheesy, meaty, and totally Wisconsin.

S’mores Churro Fries

S'mores Churros FriesX

Submitted by: Saz’s BBQ
S’mores Churro Fries turns your favorite campfire treat into a crispy, shareable dessert. Cinnamon-sugar churro fries are topped with gooey marshmallow creme, rich chocolate sauce, and crushed graham crackers. It’s a sweet, crunchy, and nostalgic treat that everyone will love.

Ube Butter Banana French Toast Lumpia

LumpiaX

Submitted by: Lumpia City 
Ube Butter Banana French Toast Lumpia puts a twist on a traditional favorite sweet lumpia flavor called Turon. This Filipino-American dessert mashes up deep cultural roots and modern flavor made with caramelized bananas, syrup-soaked French toast, and rich purple ube butter, then deep-fried until golden and dusted with powdered sugar. 

See a full list of The Sporkies and Drinkies items here.





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Smith: Manitowish Waters latest in trend of Wisconsin communities passing wake-enhanced boating restriction

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Smith: Manitowish Waters latest in trend of Wisconsin communities passing wake-enhanced boating restriction


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  • The Town of Manitowish Waters in Wisconsin passed an ordinance restricting wake-enhanced boating on nine lakes.
  • This is part of a trend in Wisconsin, with 54 towns passing similar ordinances.
  • Wake surfing, while popular, has led to complaints about shoreline erosion and conflicts with other lake users.
  • Legal challenges and legislative efforts are ongoing regarding wake-enhanced boating regulations.

Supervisors of the Town of Manitowish Waters passed an ordinance June 10 on wake-enhanced boating in its jurisdiction.

The rule prohibits artificial wake enhancement activities on nine lakes (over 50 acres in size) within the town’s borders, including seven lakes on the Manitowish Chain, a northern Wisconsin destination very popular for boating and fishing.

The town’s vote is the latest in a statewide trend toward local control of wake-enhanced boating. The rules typically prohibit “artificial wake enhancement” activities but allow use of wake boats.

Including Manitowish Waters, 54 Wisconsin towns have passed similar ordinances, according to Richard Phillips of the Last Wilderness Alliance, a Presque Isle-based nonprofit organization that helps towns establish the rules.

Wake-enhanced boating involves use of a special power vessel with water-filled ballast tanks to increase displacement and create large waves for the enjoyment of surfers and tubers.

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The waves, often 2 to 3 feet high, are big and strong enough for surfers to ride without a tow rope.

The activity is generally permitted on any Wisconsin water where power boats are allowed to make a wake, typically 100 feet or more from shore in lakes greater than 50 acres in size.

The form of water recreation is relatively new but has been increasing in popularity in Wisconsin, according to Darren Kuhn, Department of Natural Resources boating law administrator.

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Wake surfing and tubing has provided a new form of fun but also led to many complaints, including reports of or concerns for increased shoreline erosion, damage to lake beds and fish habitat and conflicts with other lake users.

A half dozen states have passed laws on the topic in recent years. In 2022 and 2023, Alabama, Georgia, South Carolina and Tennessee enacted rules requiring wake-enhanced boating to take place at least 200 feet from shore or docks.In 2024 Vermont passed a statewide law stating wake surfing can only occur in water at least 20 feet deep and at least 500 feet from shore. In addition, wake surfing can only take place on lakes with at least one area of 50 contiguous acres meeting the 20/500 requirements and the state has a “home lake” rule stipulating ballast tanks must be decontaminated before moving a wake boat to another water body.

Also in 2024 Maine enacted a law requiring wake surfing be conducted at least 300 feet from shore and in water at least 15 feet deep. Similar to Wisconsin, Maine allows municipalities or other local entities to petition to be wake surf-free.

Though Wisconsin residents have repeatedly shown up in large numbers at town hall meetings and listening sessions to voice their support for additional restrictions on wake-enhanced boating, no statewide rule change has been made by the Legislature or DNR.

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That has led to a growing movement of local ordinances.

Among recent activity was an ordinance passed May 21 in the Town of Land O’ Lakes in Vilas County; the rule covers 24 lakes 50 acres or larger. And in southern Wisconsin a similar ordinance was enacted April 14 in the Town of Ottawa in Waukesha County. The town board’s action prohibits enhanced wakes on Pretty, Hunters and School Section lakes.

Other ordinances are being drafted or considered. In May the towns of Elkhart Lake and Whitewater held public meetings dominated by discussions over possible artificial wake ordinances.

The first legal challenge to one of the local ordinances in Wisconsin – in the Town of Scott in Burnett County – was filed May 16 in Burnett County Circuit Court. The town has until June 17 to file its response.

Last Wilderness Alliance and the Madison-based law firm of LawtonCates S.C. are attempting to serve as intervenors and assist the town in the suit.

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Boating organizations are opposed to the ordinances.

In a statement, the National Marine Manufacturers Association said it recognized “the importance of protecting our waterways while also ensuring that boating enthusiasts can enjoy their activities safely and responsibly” but the “current patchwork of local regulations on wake enhanced boating creates confusion, inconsistency, and difficulty in compliance for boaters.”

“These rules can lead to inadvertent violations, reduced economic activity in boating communities, and hinder the growth of the recreational boating industry,” NMMA said. The organization said it advocates for “commonsense statewide standards that protect the environment and the safety of boaters without inhibiting the growth of the recreational marine industry.”

The Water Sports Industry Association has also promoted its “Wake Responsibly” campaign. It calls for wake surfers to minimize repetitive passes, keep music at a responsible level and to stay at least 200 feet from shore and other boaters.

A May 28 meeting convened in Madison by Sen. Mary Felzkowski (R, Tomahawk) did not produce an agreement among various Republican Legislators and lobbyists for the boating industry and Lakes At Stake Wisconsin, a group formed in 2023 to advocate for wake surfing restrictions.

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No wake-enhanced boating bill has been introduced in this legislative session.

The Town of Manitowish Waters ordinance is effective immediately. It requires signs to be posted on each lake affected.

Since two of the lakes in the Manitowish Chain – Clear and Island – straddle the border of the Towns of Manitowish Waters and Boulder Junction, observers expect a joint ordinance to be voted on soon.

Following the 2-1 vote June 10 in Manitowish Waters, some in the audience threatened to sue the town. As of June 11 no suit had been filed.



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GOP lawmakers call for state help to reopen shuttered Wisconsin substance abuse treatment facility

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GOP lawmakers call for state help to reopen shuttered Wisconsin substance abuse treatment facility


Republican lawmakers from western Wisconsin are calling on the state to pledge $1 million to help Lutheran Social Services reopen a substance abuse treatment facility in Chippewa Falls.

The former L.E. Phillips-Libertas Center was the region’s largest in-patient treatment center before it closed last year. It had been a staple of the alcohol and drug abuse treatment community in northwest Wisconsin for decades.

Its closure came with Hospital Sisters Health System’s “complete exit” from western Wisconsin. The treatment center — along with St. Joseph’s hospital in Chippewa Falls, Sacred Heart Hospital in Eau Claire and all Prevea clinics in the area — closed their doors in the early months of 2024.

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Lutheran Social Services of Wisconsin and Upper Michigan announced plans in December to purchase the former Libertas Center and reopen it as a 50-bed, in-patient substance abuse treatment facility for men.

To help offset the anticipated $3 million cost of buying and renovating the building, Republican lawmakers from western Wisconsin have introduced a bill that would require the state Department of Administration to give the nonprofit a $1 million grant.

LSS President and CEO Héctor Colón told WPR the rapid closure of the hospitals, clinics and treatment center “has left the area in desperate need of health care services, and very specifically, mental health and addiction services.”

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“So, for us to be able to rise to the occasion and come forward to provide these much needed services is very much needed in this community right now,” Colón said.

During the bill’s public hearing before the Joint Committee on Mental Health and Substance Abuse Prevention Tuesday, Rep. Clint Moses, R-Menominee, said the closures “devastated” the region. He said the bill he introduced along with and Sen. Jesse James, R-Thorp, “can make a very big impact for a very small spend in a very quick period of time.”  

“Reopening this facility as a substance use treatment facility will fill a significant void in the area’s growing mental health needs,” Moses said. 

Amid testimony on the bill, Rep. Robyn Vining, D-Wauwatosa, noted Republicans have separated funding from other legislation introduced this session and are relying on the powerful Joint Finance Committee to authorize spending. She asked whether Moses and James had submitted a request to JFC for the $1 million. They said they have.

The finance committee has been withholding $15 million that was intended to bolster emergency department capacity at remaining hospitals in western Wisconsin after the closures last year.

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While the legislation behind that funding was ultimately signed by Democratic Gov. Tony Evers, he used a partial veto to expand the scope of how the money could be used, stating he objected to “unnecessarily restricting crisis funding intended to address urgent healthcare access needs in western Wisconsin that exist well beyond hospital emergency departments.”

Republicans on the JFC who objected to the partial veto refused to release the funds. If the committee doesn’t act by June 30,  the money will lapse back into the state’s general fund.

In an interview with WPR, James said Evers’ veto changed the bill’s scope from providing grants to expand emergency departments in Chippewa County and Eau Claire Counties to covering multiple services in a larger area.

“How far do you truly think $15 million is going to go? Because he also expanded … eligibility to 18 counties in the region. It totally defeats the emergency that we’re facing in our area,” James said.

James seemed more optimistic about his bill to help fund the reopening of the treatment center in Chippewa Falls. He said there “seems to be support” for the effort.

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“I do see it, whether or not with the Democrat support, getting through,” James said. “And I do believe that the governor is going to support this.”

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