According to a recent archiving at United States Securities and Exchange CommissionAbu Dhabis Sovereign Wealth Fund currently has a significant amount in Blackrock’s Spot Bitcoin ETF (Exchange-Trade Fund). This purchase came during the last quarter of 2024 after the asset management company Blackrock secured the commercial license to operate in Abu Dhabi in November last year.
Sovereign Wealth Fund buys a significant proportion in largest bitcoin ETF
On Friday February 14, a 13f archiving With SEC revealed that Mubadala Investments bought $ 436.9 million in Blackrock’s Bitcoin ETF shares (with Ticker Ibit). Mubadala Investments is one of Abu Dhabi’s superb wealth funds, which makes investments on behalf of the Middle East City Government.
In 2024, the world’s largest asset manager Blackrock – with tens of trillion dollars under management – revealed their intentions to expand in the Middle East, focusing on the capital Abu Dhabi and Riyadh. The latest purchase of $ 437 million of its Bitcoin ETF accentuates Blackrock’s mission to work closely with sovereign wealth funds in the region.
Source: SEC
Interestingly, this latest acquisition is hardly the first time Abu Dhabi’s government – through its various investment units – would dab in Cryptocurrencies. In 2023, Abu Dhabi Developmental Holding Company and Marathon Digital revealed plans to start digital asset mining in the capital.
State of Wisconsin Investment Board reveals $ 321 million Bitcoin ETF Holdings
Interestingly, Blackrock’s Bitcoin ETF has also had a fair share of domestic attention in the United States. On Friday also State of Wisconsin Investment Board reported Increased exposure to the foremost cryptocurrency through the stock exchange traded fund.
According to the archiving at SEC, Wisconsin’s pension fund now has approximately $ 321 million in Tot Bitcoin ETF. This represents an estimated 100% increase from the Board’s BTC ETF holding of $ 164 million (previously reported in May 2024).
From Last archivingWisconsin Pension Fund held approximately $ 2.4 million (worth approximately $ 100 million) in Blackrock’s Ishares Bitcoin Trust and 1 million shares (valued at $ 64 million) by Grayscales Bitcoin Trust (GBTC). However, the latest application shows that the Pension Fund has assigned all its BTC exposure to the Blackrock’s stock exchange trained fund and no longer holds any shares in GBTC.
It is worth noting that the price of Bitcoin has grown by almost 70% since May 2024. From this writing, the main Cryptocurrency is valued at about $ 97,250, which reflects an only 1% increase over the past 24 hours. According to data from Coytecko, the Bitcoin price is increased by about 90% over the past year.
The price of Bitcoin on the daily timeframe | Source: BTCUSDT chart on TradingView
Image from Getty Images, Chart from TradingView