Mubadala Investment Company, one of the firms overseeing Abu Dhabi’s gigantic US$1.7 trillion sovereign wealth fund, disclosed a US$436 million investment in BlackRock’s spot Bitcoin Exchange-traded Fund (ETF) during the fourth quarter of 2023, according to a Securities and Exchange Commission (SEC) filing.
The fund purchased 8.2 million shares of the iShares Bitcoin Trust ETF, marking its first reported position in BlackRock’s US$56.3 billion Bitcoin fund. The purchase also puts Mubadala as the seventh-largest holder of the spot Bitcoin ETF.
The investment comes as President Donald Trump’s administration appears to be heading towards the establishment of a strategic cryptocurrency reserve.
Abu Dhabi has been expanding its cryptocurrency presence, launching the Blockchain Center last summer to support startups and enterprises.
Meanwhile, 21 US states are considering legislation for Bitcoin reserves, though two states have rejected similar bills.
Mubadala’s substantial Bitcoin ETF investment signals growing sovereign wealth fund interest in cryptocurrency exposure through regulated investment vehicles.
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