Abu Dhabi sovereign wealth fund steps into Bitcoin with a $436M ETF investment
Key Takeaways
- Mubadala Investment Company invested $436.9 million in iShares Bitcoin Trust ETF during Q1 2024.
- This is one of the inaugural crypto asset investments by a major sovereign wealth fund.
Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, purchased $436.9 million worth of iShares Bitcoin Trust (IBIT) shares in the first quarter of 2024, according to regulatory filings.
Mubadala, which manages over $280 billion in assets, acquired 8.2 million shares of IBIT, as disclosed in its Q1 1 3F filing with the US Securities and Exchange Commission.
Bitcoin reacted positively to the announcement, rising 1% from the $96,700 level to $97,700.
The investment represents one of the first known allocations to crypto assets by a major sovereign wealth fund.
Mubadala’s move into Bitcoin ETFs comes as institutional investors increasingly embrace digital asset investment products in traditional finance markets.
The Abu Dhabi-based fund’s ETF purchase follows broader crypto adoption trends in the Middle East, where governments and financial institutions have shown growing interest in blockchain technology and digital assets.
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