Abu Dhabi Fund Quietly Grows Stake in Leading Bitcoin ETF

Mubadala Investment Company, one of Abu Dhabi’s largest state-backed investors, has been quietly deepening its position in BlackRock’s flagship Bitcoin ETF—even as the market cooled in early 2025.

A regulatory disclosure from the U.S. Securities and Exchange Commission shows the fund acquired nearly half a million new shares in the iShares Bitcoin Trust during the first quarter. That brings Mubadala’s total exposure in the ETF to over 8.7 million shares, making it a notable institutional backer of the product.

Although the share count rose, the value of the holdings dipped by the end of March due to a downturn in the ETF’s price. Still, with Bitcoin trading above $103,000, the fund’s position is now estimated to exceed $500 million.

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These figures come from a 13F filing—a quarterly requirement for firms managing at least $100 million in U.S. equities. While informative, such reports only reveal long positions and leave out shorts and most derivatives, offering a limited view of full portfolio strategies.

BlackRock’s ETF has rapidly become the market leader among spot Bitcoin products in the U.S., drawing over $45 billion in net inflows and amassing $65 billion in assets since its launch in early 2024.

Alexander Stefanov