- Sovereign wealth and investment firms in Abu Dhabi showed a substantial rise in their exposure to Bitcoin ETFs by increasing their holdings in BlackRock’s trust.
- The aggregate holdings of Mubadala and Al Warda in IBIT exceeded over $1 billion at the end of the year.
Two of the largest investment firms in Abu Dhabi have significantly increased their Bitcoin holdings through BlackRock’s iShares Bitcoin Trust (IBIT). Mubadala Investment Company has increased the number of shares in IBIT to around 12.7 million as of December 31, 2025. The investment firm’s stake in IBIT has increased by 46% from the previous quarter.
Likewise, Al Warda Investments increased its IBIT holdings to 8.22 million shares by the end of the year. Together, the two Abu Dhabi funds collectively owned close to 21 million shares of BlackRock’s Bitcoin ETF by the end of 2025. This represented over $1 billion in market value, based on reported prices, despite the recent weakness in Bitcoin prices. BlackRock’s IBIT is the largest spot Bitcoin ETF in the U.S. and provides a regulated way to invest in Bitcoin via exchange trading.
The management of the sovereign fund in Abu Dhabi reflects the institutional adoption of digital assets as part of a diversified portfolio. The expansion of IBIT has occurred despite the overall reduction in Bitcoin ETF assets at the start of the year. Despite some institutions cutting back on Bitcoin, Mubadala and Al Warda expanded their holdings during market downturns.
Institutional Interest in Regulated Crypto Exposure
The move by Abu Dhabi-related funds to increase their IBIT holdings is part of the growing institutional interest in regulated Bitcoin products. BlackRock’s IBIT has attracted investment from a range of institutional investors over the years. Vanguard firms and other international managers have also accumulated holdings in Bitcoin ETFs this quarter.
Filings show that some financial institutions are still considering Bitcoin exposure as a strategic allocation. On the other hand, some university endowments and hedge funds have decreased their Bitcoin ETF holdings during times of market volatility. Bitcoin ETFs allow financial institutions to leverage the price action without necessarily having to self-custody the crypto assets. Financial institutions use IBIT as a regulated investment vehicle within the traditional asset management framework.
It has been observed that the allocation of sovereign wealth funds to Bitcoin ETFs follows a macroeconomic diversification pattern. Dubai and the UAE’s economic initiatives for diversification include moving away from hydrocarbons and towards digital technology. Allocation to Bitcoin ETFs could be a part of asset reserve management for future growth.
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