Two Abu Dhabi government investment entities held a combined $1.04 billion in BlackRock's iShares Bitcoin (BTC) Trust as of December 31, according to 13F filings disclosed Tuesday.
The sovereign wealth fund Mubadala Investment Company and government investment arm Al Warda Investments collectively owned 20.92 million IBIT shares at year-end 2025.
Mubadala reported 12,702,323 shares valued at $631 million, while Al Warda held 8,218,712 shares worth $408 million.
The filings provide a snapshot of institutional Bitcoin exposure through regulated U.S. exchange-traded products.
Mubadala Increases Position Despite Market Decline
Mubadala's year-end holdings represented a 46% increase from its third-quarter position of 8.7 million shares.
The sovereign fund maintained holdings above 8 million shares throughout much of 2025, steadily adding to its position as bitcoin prices fluctuated.
Al Warda increased its stake by approximately 3% during the fourth quarter, up from 7.96 million shares at September 30. The investment arm had previously tripled its position during the third quarter, growing from 2.4 million shares in mid-2025 to nearly 8 million by September.
Both entities operate within Abu Dhabi's sovereign wealth structure, with Al Warda managed by the Abu Dhabi Investment Council under the broader Mubadala group.
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Market Context and ETF Performance
BlackRock's IBIT holds approximately $58 billion in assets under management, making it the largest spot bitcoin ETF by AUM. The fund's value has declined alongside bitcoin's price, which fell from October 2025 peaks above $120,000 to current levels near $68,000.
The Abu Dhabi allocations follow a broader pattern of institutional adoption of regulated bitcoin investment products.
Harvard University's endowment holds 5.35 million IBIT shares worth $265.8 million, while Texas acquired $5 million in IBIT shares for its state Bitcoin reserve in November 2025.
Quarterly 13F filings disclose long equity positions held by institutional investment managers with at least $100 million in assets but do not capture short positions or many derivatives, providing only partial visibility into overall portfolio strategy.
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