Abu Dhabi Funds Top $1 Billion in Blackrock's Bitcoin ETF

Sovereign Wealth Doubles Down on Spot Bitcoin ETF

Abu Dhabi’s sovereign capital is leaning further into bitcoin exposure. New SEC filings show that Mubadala Investment Company and Al Warda Investments, linked to the Abu Dhabi Investment Council, collectively held nearly 21 million shares of Blackrock’s spot bitcoin ETF, Ishares Bitcoin Trust (IBIT), at the end of 2025.

At the time of the filing, Mubadala’s position was valued at approximately $630 million, while Al Warda’s stake stood at around $408 million, pushing their combined exposure past the $1 billion mark.

The fourth quarter marked a notable expansion. Mubadala increased its IBIT holdings from just over 8.7 million shares in Q3 to roughly 12.7 million shares by year-end, an addition of nearly 4 million shares. Al Warda also boosted its position, climbing from 7.96 million shares to more than 8.2 million.

Despite the accumulation, market conditions have shifted. IBIT has fallen 22.5% year-to-date as bitcoin prices retreated. At a recent share price of $38.44, the two funds’ combined exposure has dropped to roughly $803 million.

Mubadala, which counts the Abu Dhabi government among its shareholders, first added IBIT to its balance sheet in Q4 2024, disclosing at least $436 million in bitcoin exposure at that time. The latest filings confirm that conviction has not wavered, even amid volatility.

The broader ETF landscape has struggled as well. U.S. spot bitcoin ETFs have collectively shed more than $31 billion in assets under management this year, falling from $116.7 billion to around $85.5 billion.

For long-term allocators like sovereign wealth funds, short-term price swings may be secondary to strategic positioning. Still, the drawdown highlights the tension between institutional adoption narratives and crypto’s persistent volatility.

FAQ 🌍

• How much bitcoin ETF exposure do Abu Dhabi funds hold?
  Abu Dhabi-backed Mubadala and Al Warda Investments held over $1 billion in Blackrock’s IBIT at the end of 2025, though the value has since fallen to about $803 million.
• Which bitcoin ETF did Mubadala invest in?
  Mubadala invested in Blackrock’s Ishares Bitcoin Trust (IBIT), a U.S.-listed spot bitcoin ETF offering direct exposure to BTC.
• Did the funds increase their bitcoin ETF positions?
  Yes, both funds added shares during Q4 2025, with Mubadala increasing its stake by nearly 4 million shares.
• Why has the value of their holdings declined?
  IBIT shares have dropped 22.5% year-to-date alongside bitcoin’s price slide, and the broader U.S. bitcoin ETF market has seen over $21 billion in outflows.