Wisconsin's state pension, managed by the Wisconsin Investment Board, has disclosed investments totaling $163 million in Bitcoin (CRYPTO:BTC) ETFs during the first quarter, according to 13F filings.

The board purchased shares of both the Grayscale Bitcoin Trust and the iShares Bitcoin Trust.

This move marks a significant step in institutional adoption of cryptocurrencies, with Bloomberg Intelligence senior ETF analyst Eric Balchunas noting the significance of a state pension fund entering the crypto space.

The investment coincides with Bitcoin's price surge, reaching its highest level since early May.