The sale below should be noted, since it got a lot of attention (including from me) as a buy. But a few important points: 1. Institutions (and individuals) sell for various reasons: rebalancing, liquidity needs, simple profit-taking etc. But in general they only buy for one reason: they think it’s going up (at least for an unhedged new long). This is why, as an investor watching 13F filings for valuable information, you’ll do better by focusing on who’s buying instead of who’s selling. A sovereign wealth fund (Mubadala) continuing to add is far more important than a state pension fund exiting. 2. Wisconsin’s initial buy was important because it helped validate BTC as an acceptable investment for a rigorous type of investor with a high public profile (pensions and endowments). That validation is unchanged; Brown University, Emory University, the State of Michigan etc reported Bitcoin ETF positions in the most recent quarter. 3. In the specific case of Wisconsin, they continue to own BTC-related positions including MicroStrategy and Coinbase. Wisconsin added to both positions during the quarter.