Abu Dhabi's sovereign wealth fund currently holds a significant amount of money in BlackRock's Spot Bitcoin ETF (Exchange-Traded Fund), according to a recent filing with the US Securities and Exchange Commission. The purchase took place in the final quarter of 2024 after asset management company BlackRock secured a commercial license to operate in Abu Dhabi in November last year.
Sovereign wealth funds buy big shares in the largest Bitcoin ETF
Friday, February 14th, a 13F filing The SEC has announced that Mubadala Investments has purchased $436.9 million (ticker IBIT) of BlackRock's Bitcoin ETF stake. Mbadala Investment is one of Abu Dhabi's sovereign wealth funds, investing on behalf of urban governments in the Middle East.
In 2024, BlackRock, the world's largest asset manager, revealed its intention to expand in the Middle East, with BlackRock being managed by trillions of dollars focusing on its capitals Abu Dhabi and Riyadh. Bitcoin ETF's recent $437 million purchase highlights BlackRock's mission to work closely with sovereign wealth funds in the region.
Source: SEC
Interestingly, this latest acquisition is rarely the first time the Abu Dhabi government has dabbled in cryptocurrency through various investment institutions. In 2023, Abu Dhabi's Developmental Holdings Company and Marathon Digital revealed plans to launch a digital asset mining business in the capital.
The Wisconsin State Investment Commission discloses $321 million in Bitcoin ETF holdings
Interestingly, BlackRock's Bitcoin ETF is gaining domestic attention in the US. On Friday, the Wisconsin Investment Committee also It has been reported Increased exposure to the best cryptocurrency through funds trading on exchanges.
According to a filing with the SEC, Wisconsin pension funds currently hold about $321 million in Bitcoin ETFs. This represents an estimated 100% increase from the board's $164 million BTC ETF holdings (previously reported in May 2024).
Like The final filingWisconsin's pension fund holds approximately 2.4 million shares (valued by about $100 million) and 1 million shares (valued by $64 million) of BlackRock's iShares Bitcoin Trust. It was there. However, the latest submission indicates that the pension fund allocates all BTC exposures to BlackRock's ExchangeTraded Fund and does not hold GBTC stakes.
It is worth noting that Bitcoin prices have increased by nearly 70% since May 2024. At the time of this writing, the best cryptocurrency is valued at around $97,250, reflecting just 1% increase over the past 24 hours. Bitcoin prices have risen by around 90% over the past year, according to Coingecko data.
The price of Bitcoin on the daily timeframe | Source: BTCUSDT chart on TradingView
Getty Images Featured Images, TradingView Chart
