Mubadala Investment, one of Abu Dhabi’s sovereign wealth funds (SWFs), has purchased $436 million shares in BlackRock’s iShares Bitcoin Trust ETF (IBIT).
The investment coincided with BlackRock’s commercial license approval in Abu Dhabi last November. BlackRock’s IBIT is the largest spot Bitcoin ETF, managing nearly $56 billion in assets. Bitcoin briefly surged to $97,772 on the news, according to CoinGecko.
Former Binance CEO Changpeng Zhao hinted that other Abu Dhabi-based SWFs may follow suit. Bitcoin advocate Anthony Pompliano sees this as a sign that the U.S. may soon consider a Strategic Bitcoin Reserve.
This marks one of Abu Dhabi’s biggest crypto investments, though the city has been active in digital assets, including a 2023 investment in Bitcoin mining.
Abu Dhabi is also home to a major Bitcoin mining complex, developed by Marathon Digital and Zero Two. Mubadala’s investment underscores growing institutional interest in Bitcoin and strengthens Abu Dhabi’s position in the global digital asset market.
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