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Abu Dhabi funds report large holdings in BlackRock Bitcoin ETF
Mubadala Investment Company reported a $490 million stake in BlackRock's iShares Bitcoin Trust, while the Abu Dhabi Investment Council disclosed a $273.6 million position.
Two Abu Dhabi state-run sovereign wealth funds disclosed sizable positions in BlackRock's iShares Bitcoin Trust, according to regulatory filings cited by Bitcoin Magazine. Mubadala Investment Company said it held a $490 million stake in IBIT, making it the second-largest single holding across its entire 13F portfolio.
A Thursday filing attributed to the Abu Dhabi Investment Council showed the fund holds $273.6 million in the Bitcoin ETF. Bitcoin Magazine said this stake is the biggest position in the council's portfolio.
The article connects the purchases to the SEC approval of multiple Bitcoin funds in January 2024, which enabled major firms to buy Bitcoin exposure through regulated ETF shares traded on stock exchanges.
Bitcoin Magazine also highlighted how the UAE's build-up differs from governments that hold Bitcoin via law enforcement seizures, noting that the UAE holdings primarily come from domestic mining activity. It further said BlackRock's IBIT is the most successful crypto ETF, with $47.3 billion in assets under management and the most cash inflows among peer crypto ETFs.
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