Two of Abu Dhabi’s major investment firms increased their exposure to bitcoin in the fourth quarter of 2025, buying into BlackRock’s spot bitcoin ETF as the market fell, according to the latest regulatory filings.
Mubadala Investment Company, a sovereign wealth fund backed by the government of Abu Dhabi, added nearly four million shares of BlackRock’s iShares Bitcoin Trust (IBIT) between October and December, bringing its total holdings to 12.7 million shares. The move came as bitcoin fell about 23% during the quarter.
Mubadala made its first purchases in IBIT in late 2024 and has been adding since.
Al Warda Investments, another Abu Dhabi-based investment management firm that oversees diversified global assets on behalf of government-related entities, held 8.2 million shares at the end of the fourth quarter, up slightly from 7.96 million shares three months earlier.
Together, the two funds held more than $1 billion in bitcoin via IBIT by the end of 2025. But with bitcoin down another 23% year-to-date in 2026, the current value of their total holdings has fallen to just over $800 million as of Tuesday (assuming they haven’t continued to add in 2026).
The disclosure, made through 13F filings with the US Securities and Exchange Commission, reflects growing institutional interest in spot bitcoin ETFs, even during periods of market stress. Launched in early 2024, BlackRock’s IBIT has quickly become the dominant means of regulated exposure to bitcoin in the US
While the crypto market has faced sustained headwinds in early 2026 — including low volatility, reduced retail participation and macroeconomic uncertainty — it appears that some long-term investors are using the downturn to build positions in regulated, liquid products tied to digital assets.
BlackRock head of digital assets Robert Mitchnick said on a recent panel that there is a mistaken belief that hedge funds using ETFs drive volatility and heavy selling, but that doesn’t match what the firm observes. Instead, he said IBIT holders are in it for the long haul.
