The State of Wisconsin Investment Board (SWIB) has fully divested its position in BlackRock's iShares Bitcoin Trust IBIT, a move confirmed in an SEC filing on May 15.

The liquidation of its entire 6 million-share stake, worth over $300 million, was completed by March 31, just before the start of a volatile quarter marked by intensifying global trade tensions.

The timing of the sale is notable.

It came two days before "Liberation Day" on April 2, when the U.S. implemented sweeping tariffs that upended global trade.

The policy marked a dramatic escalation in President Donald Trump's efforts to reshape American trade by encouraging domestic manufacturing and penalizing foreign imports.

Throughout February and March, the White House introduced a flurry of tariffs: 25% on Canadian and Mexican goods (later paused), a 10% duty on Chinese imports, and increased levies on steel and aluminum.

The standoff reached a boiling point in March, when U.S. tariffs on Chinese goods hit 145%, prompting Beijing to retaliate with 125% tariffs on U.S. products.

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Amid this tit-for-tat escalation, financial markets responded with turbulence.

At the height of tariff retaliation, Bitcoin BTC/USD sank below $75,000.

By mid-May, signs of de-escalation emerged.

Both the U.S. and China agreed to temporarily reduce tariffs, with the U.S. lowering rates on Chinese goods to 30% and China dropping its own tariffs to 10%.

Trump also suspended most reciprocal tariffs on other allies.

SWIB's decision to offload its Bitcoin ETF holdings before this policy storm suggests the fund was seeking to reduce exposure to risk assets amid macroeconomic uncertainty.

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