Abu Dhabi Reveals $436.9M Stake in BlackRock Bitcoin ETF, Wisconsin Expands IBIT Stake

The post Abu Dhabi Reveals $436.9M Stake in BlackRock Bitcoin ETF, Wisconsin Expands IBIT Stake appeared first on Coinpedia Fintech News

In a recent update, Abu Dhabi on Friday, revealed a massive $436.9 million stake in BlackRock’s iShares Bitcoin ETF (IBIT) as of December 31, 2024. The investment was made through Mubadala Investments, one of the country’s sovereign wealth funds, according to a 13F filing with the SEC. The company makes investments on behalf of Abu Dhabi’s government, which serves as capital city of the United Arab Emirates.

Bitcoin Reacts To The News

In reaction, Bitcoin’s price jumped about 1%, reaching $97,700, following the news. Notably, the purchase follows BlackRock securing a commercial license to operate in Abu Dhabi last November. BlackRock manages the largest spot bitcoin ETF, with nearly $56 billion in assets. Notably, the investment represents one of the first known allocations to crypto assets by a major sovereign wealth fund.

While this may be one of Abu Dhabi’s biggest crypto investments, but it’s not the city’s first move into digital assets. In 2023, Abu Dhabi also invested in bitcoin mining, with Marathon Digital and Zero Two announcing plans for a major mining complex in the city. Besides, former Binance CEO Changpeng Zhao has implied that other Abu Dhabi-based SWFs could follow suit.

Abu Dhabi’s Purchase To Benefit US?

Bitcoin advocate Anthony Pompliano believes that Abu Dhabi’s purchase will benefit the U.S. strategic reserve initiative. “Abu Dhabi’s sovereign wealth fund just revealed they are buying hundreds of millions of dollars in bitcoin and people still think the United States won’t buy bitcoin. The Strategic Bitcoin Reserve is happening,” Anthony Pompliano noted on social media.  

Abu Dhabi’s sovereign wealth fund just revealed they are buying hundreds of millions of dollars in bitcoin and people still think the United States won’t buy bitcoin.

The Strategic Bitcoin Reserve is happening.

Just a matter of time.

— Anthony Pompliano