Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company, has significantly increased its exposure to Bitcoin by expanding its stake in BlackRock’s iShares Bitcoin Trust (IBIT) during the first quarter of 2025. A newly filed 13F report with the U.S. Securities and Exchange Commission shows the firm acquired 491,439 additional IBIT shares—currently worth about $28.8 million.
This brings Mubadala’s total IBIT holdings to 8,726,972 shares as of March 31, up from 8.2 million at the end of 2024. Although the number of shares increased, the total dollar value of the position declined slightly to $408.5 million from $436.9 million due to a dip in IBIT’s share price during Q1.
However, with market conditions improving, the value of Mubadala’s position is now estimated at roughly $512 million. As of Thursday, IBIT was trading at $58.67 per share, while Bitcoin itself hovered near $103,525, according to CoinGecko data.
The move signals growing confidence among state-backed funds in digital asset exposure, and aligns with Abu Dhabi’s broader push to integrate cryptocurrency into its long-term global investment strategy.
Mubadala’s IBIT Stake Signals Trust in BlackRock’s ETF
Mubadala’s position was disclosed through a 13F filing—mandatory quarterly disclosures submitted to the SEC by institutions managing more than $100 million in assets. These filings provide a partial view into equity investments, offering insights into the flow of institutional capital.
While 13F reports don’t include short positions or derivatives, they clearly show that BlackRock’s IBIT has become the go-to product for institutional Bitcoin exposure. Since launching in January 2024, IBIT has attracted more than $45.5 billion in net inflows and currently manages over $65.4 billion in assets.
Institutions Diverge on Bitcoin ETFs as Holdings Shuffle
Mubadala’s move is part of a broader reshuffling of institutional sentiment around Bitcoin ETFs, revealed in recent 13F filings. Several major asset managers are deepening their exposure, while others are stepping back.
Among the biggest buyers is Hong Kong-based Avenir, which now owns 14.7 million IBIT shares valued at around $691 million—up from 11.3 million in Q4. The firm has emerged as the leading institutional holder of IBIT in Asia.
Citadel Advisors also ramped up its exposure, increasing its IBIT holdings from 1.1 million shares to 3.1 million. Citadel’s broader crypto strategy now includes multiple U.S.-based Bitcoin ETFs, select Ethereum funds, and options contracts tied to crypto assets.
Conversely, the State of Wisconsin Investment Board fully exited its $321 million IBIT position by the end of Q1, citing market volatility as a key factor. This exit underscores the growing divergence in institutional strategies for digital assets.
Despite these differences, the broader trend is clear: heavyweight financial institutions are increasingly allocating capital to Bitcoin ETFs as part of a long-term diversification play.
Quick Facts
- Mubadala now holds 8.7 million shares of BlackRock’s IBIT, valued at $408.5 million at the end of Q1 2025.
- The fund’s stake has since risen to an estimated $512 million with Bitcoin’s price recovery.
- Other institutions like Avenir and Citadel also expanded IBIT holdings, while Wisconsin’s state fund fully exited.
- Despite volatility, sovereign and hedge funds are embracing Bitcoin ETFs as part of diversified portfolio strategies.
