Abu Dhabi’s Mubadala Investment Company made a $436.9 million investment last quarter in BlackRock’s iShares Bitcoin ETF (NASDAQ: IBIT), filings with the Securities and Exchange Commission reveal.
The BlackRock ETF, launched in January 2024, has attracted major institutional investors. As of the end of the fourth quarter of 2024, the largest holders were Millennium Management ($1.58 billion), Brevan Howard Capital Management ($1.39 billion), Goldman Sachs ($1.28 billion), Susquehanna International Group ($899.6 million), and Jane Street ($854 million).
Other significant investors, according to the Q4 2024 13F filing, include the State of Wisconsin Investment Board, with $321.5 million in IBIT, and Point72 Asset Management, the hedge fund led by New York Mets owner Steve Cohen, with $151.8 million in direct holdings.
The growing institutional adoption of Bitcoin may boost its legitimacy in financial markets, but it continues to be viewed by many as a purely speculative play — especially as its most powerful backer, President Donald Trump, launches meme coins and other digital asset-related paraphernilia.
Mubadala’s Expanding Global Investments
Mubadala, a $330 billion sovereign wealth fund, was the most active SWF in 2024, deploying $29.2 billion across 52 deals — a 60% increase from 2023, according to Global SWF.
The fund is expanding its investments into artificial intelligence, data centers, and space technology.
Led by CEO Khaldoon Al Mubarak, Mubadala maintains a North America-heavy portfolio. It is a shareholder in Endeavor, the global entertainment and sports conglomerate led by Ari Emanuel, which owns UFC.
However, not all of Mubadala’s bets have paid off. The fund has faced challenges in Europe, including its investment in Turkish delivery startup Getir, which has struggled amid sector-wide slowdowns.
Abu Dhabi’s Growing Digital Asset Ambitions
Mubadala isn’t the only Abu Dhabi sovereign wealth fund making moves in digital assets. Abu Dhabi Developmental Holding Company (ADQ) has also invested in crypto infrastructure.
In December 2024, Eric Trump spoke at a crypto conference in Abu Dhabi, co-organized by an ADQ subsidiary, where he proclaimed that Bitcoin will hit “$1 million.”
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