Abu Dhabi Funds Disclose $1B+ Bitcoin ETF Holdings
Two Abu Dhabi sovereign wealth funds, Mubadala and Alwarder Investments, have disclosed holdings of over $1 billion in BlackRock’s IBIT spot Bitcoin ETF. The institutions pushed their combined iBit holdings to nearly 21 million shares, cementing the ETF's role as a preferred onramp for institutional capital. This move comes as institutional mandates increasingly favor ETFs over direct coin holdings for compliance and operational reasons.
- The disclosures were made in 13F filings with the U.S. Securities and Exchange Commission for the period ending December 31, 2025. Mubadala Investment Company reported holding 12.7 million IBIT shares valued at approximately $631 million, while Al Warda Investments held 8.22 million shares worth around $408 million. - Mubadala, an Abu Dhabi sovereign wealth fund with assets totaling over $330 billion, significantly increased its Bitcoin ETF exposure in the fourth quarter of 2025. The fund grew its IBIT holdings by 46% from the 8.7 million shares it held at the end of the third quarter. - While the Abu Dhabi funds' combined holding is substantial, hedge fund Millennium Management reported an even larger position of approximately $1.9 billion across multiple spot Bitcoin ETFs, including an $844.2 million stake in IBIT. - Other major institutional players disclosed significant Bitcoin ETF holdings in the same filing period. Hedge fund Bracebridge Capital emerged as a top holder of both BlackRock's IBIT ($81 million) and Ark's ARKB ($262 million). Boothbay Fund Management also revealed a $377 million exposure across several Bitcoin ETFs. - The investment from sovereign wealth funds is seen by some as a critical step toward the institutionalization and legitimization of Bitcoin. BlackRock's Head of Digital Assets, Robert Mitchnick, has stated that the firm is in "educational conversations" with entities like sovereign wealth funds, pension funds, and endowments about investing in spot Bitcoin ETFs. - Al Warda Investments is an investment arm of the Abu Dhabi Investment Council, which is a subsidiary of Mubadala. The allocation is notable as the firm has historically focused more on private investments.
