Bitcoin

This is the latest in a 24-month wave of Gulf sovereign wealth funds (Mubadala, ADIA, PIF, QIA) expanding into alternatives and digital assets. Apollo gets distribution and deal-flow access to $385B of Abu Dhabi capital; Mubadala gets Apollo's credit/insurance expertise. The same sovereign capital pools are increasingly allocating to tokenized funds and crypto infrastructure, so closer Apollo-Mubadala ties create a plausible future bridge between TradFi private markets and on-chain RWAs.

Apollo Global Management Inc. is nearing a deal to buy nearly a 10% stake in Mubadala Capital, the alternative asset management arm of the $385 billion Abu Dhabi sovereign wealth fund, according to CNBC.

Apollo Nears Deal for Nearly 10% Stake in Mubadala Capital

Apollo's Mubadala stake is a quiet bet on tokenized sovereign wealth, and crypto rails are the real endgame.

Apollo Commits $40B to SpaceX for AI Computing Hardware

SpaceX Signs $40 Billion Deal With Apollo for AI GPUs and Equipment

The upgrade of a Apollo-owned retailer highlights the ongoing strength in private credit markets and the ability of companies to deleverage despite high rates. This supports the 'soft landing' narrative, which is a tailwind for risk assets, but also reduces the urgency for Fed rate cuts, potentially capping upside for crypto.

S&P Global upgraded Michaels Cos. to B from B- citing sales growth and debt paydowns.