Abu Dhabi-based investment giants significantly expanded their exposure to Bitcoin through U.S.-listed exchange-traded funds in 2024, with combined holdings in BlackRock’s spot Bitcoin ETF surpassing $1 billion by year-end.
New filings with the U.S. Securities and Exchange Commission (SEC) show that Mubadala Investment Company and Al Warda Investment together held nearly 21 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) as of the end of the fourth quarter.
IBIT, launched in 2024, is one of the largest U.S. spot Bitcoin ETFs and provides direct exposure to the price of Bitcoin without requiring investors to custody the asset themselves.
Key Takeaways
- Mubadala Investment Company and Al Warda Investment held a combined position of over $1 billion in iShares Bitcoin Trust (IBIT) shares at the end of 2024, signaling strong sovereign-backed exposure to Bitcoin.
- Mubadala sharply increased its IBIT holdings in the fourth quarter, adding nearly 4 million shares despite Bitcoin’s 23% price decline during the same period.
- The combined value of both funds’ IBIT stakes has since dropped to roughly $803 million as IBIT shares fell 22.5% year-to-date alongside Bitcoin’s pullback.
- Institutional positioning in crypto ETFs remains mixed, with Harvard University cutting its IBIT exposure while reallocating capital into BlackRock’s Ethereum ETF, ETHA.
Mubadala’s Position Jumps Sharply in Q4
Mubadala reported ownership of approximately 12.7 million IBIT shares at the close of last year, up from just over 8.7 million shares in its third-quarter filing. The increase of nearly 4 million shares in a single quarter marked a decisive expansion of its Bitcoin allocation.
Based on valuations at the time of reporting, Mubadala’s IBIT stake was worth roughly $630 million.
The buying spree came during a turbulent period for crypto markets. Bitcoin fell about 23% in the fourth quarter, yet Mubadala continued to build its position. As CoinDesk observed, “This move came as Bitcoin prices fell about 23% in the fourth quarter,” adding that “after making its first IBIT investment in late 2024, Mubadala has continued to add to the position.”
The sovereign fund, which counts the Abu Dhabi government as a shareholder, initially disclosed IBIT exposure in Q4 2024, when its Bitcoin-linked holdings were valued at no less than $436 million.
Al Warda Steadily Adds Exposure
Al Warda Investment, which is connected to the Abu Dhabi Investment Council, also increased its IBIT allocation. The firm’s holdings rose from 7.96 million shares in the third quarter to more than 8.2 million shares by year-end—an increase of roughly 255,000 shares.
At the time of the filing, Al Warda’s IBIT position was valued at approximately $408 million.
Together, the two Abu Dhabi-linked funds controlled more than $1 billion in BlackRock’s Bitcoin ETF shares at the end of 2024, underscoring growing institutional acceptance of regulated crypto investment vehicles.
Valuations Slide in 2025
Market conditions have since shifted. IBIT shares have declined 22.5% year-to-date, tracking Bitcoin’s pullback. With IBIT recently trading at $38.44, Mubadala and Al Warda’s combined exposure has fallen to roughly $803 million.
Bitcoin itself is down around 1% in the past 24 hours, changing hands at $67,718—approximately 46% below its October all-time high of $126,080.
The broader ETF market has also faced headwinds. According to CoinGlass data, total assets under management across U.S. Bitcoin ETFs have dropped from more than $116.7 billion to about $95.5 billion this year, reflecting over $21 billion in outflows.
While there was a modest positive inflow on Friday, it followed two consecutive days of notable withdrawals as BTC prices weakened.
Institutional Rotation Continues
Not all institutions have maintained their exposure. Harvard University reduced its IBIT stake by 1.46 million shares—about $56 million worth—while simultaneously establishing an $86 million position in BlackRock’s Ethereum ETF, ETHA.
The contrasting moves highlight a broader theme: while short-term price swings have pressured valuations, large institutional investors continue to treat regulated crypto ETFs as a strategic entry point into digital assets.
For Abu Dhabi’s sovereign-backed funds, the scale of their IBIT holdings signals conviction in Bitcoin’s long-term role within global portfolios—even amid market volatility.
