Two Abu Dhabi sovereign wealth funds hold a combined $763.7 million in BlackRock's spot Bitcoin ETF, according to quarterly filings, a sign that Gulf state capital is moving into crypto through regulated products. Mubadala Investment Company reported a $490 million stake in the iShares Bitcoin Trust (IBIT) — its second-largest holding in the 13F portfolio — and the Abu Dhabi Investment Council disclosed a $273.6 million position that sits at the top of its own portfolio.
Two funds, one ETF
Both positions landed in the funds' latest 13F filings, the quarterly disclosures that large institutional investors must file with the SEC. For Mubadala, the IBIT stake ranks second among everything it holds. For the Abu Dhabi Investment Council, it's the single biggest line item.
Neither fund changed its position from the previous quarter. That means no fresh buying in the latest reporting period — but also no trimming. The money is sitting put.
Where the Bitcoin comes from
The UAE's relationship with Bitcoin runs deeper than ETF shares. Arkham Intelligence attributes roughly 6,782 Bitcoins — worth about $453.6 million at the time — to wallets connected to Royal Group, a UAE mining operation. That's a different origin story than the United States, whose Bitcoin reserves largely come from law enforcement seizures. The UAE's holdings start in the ground, mined domestically.
The regulated route
The SEC approved spot Bitcoin ETFs in January 2024, opening the door for institutions that wouldn't touch a crypto exchange to get exposure through a regulated wrapper. BlackRock's IBIT has been the clear winner: $47.3 billion in assets under management and the highest cash inflows of any crypto ETF.
Pension funds and several U.S. states have bought Bitcoin exposure through ETFs alongside traditional holdings like tech stocks. The Abu Dhabi funds are doing the same thing — just with bigger numbers than most.
The next 13F season will show whether these two funds add to their positions or hold steady. For now, the largest Gulf-state bet on Bitcoin sits inside a BlackRock product, and it hasn't budged.
