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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
[Initial listing] Bitget to list Theoriq (THQ). Grab a share of 3,016,600 THQ
CandyBomb x VSN: Trade VSN, XRP or SOL to share 2,931,200 VSN
New users get a 100 USDT margin gift—Trade to earn up to 1088 USDT!
Subscribe to ETH Earn products for dual rewards exclusive for VIPs— Enjoy up to 10% APR and trade to unlock an additional pool of 50,000 USDT