Two of Abu Dhabi’s top investment firms increased their exposure to bitcoin in the fourth quarter of 2025, buying BlackRock’s spot bitcoin ETF when the market fell, according to recent regulatory filings.
Mubadala Investment Company, a sovereign wealth fund backed by the Abu Dhabi government, 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 approximately 23% during the quarter.
Mubadala made its first purchases on IBIT at the end of 2024 and has been adding since then.
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 worth of bitcoin through IBIT at the end of 2025. However, with bitcoin falling another 23% so far this year in 2026, the current value of their combined holdings has fallen to just over $800 million as of Tuesday (assuming they haven’t continued adding in 2026).
The disclosure, made through 13F filings with the U.S. Securities and Exchange Commission, reflects growing institutional interest in spot bitcoin ETFs, even during periods of market stress. BlackRock’s IBIT, which launched in early 2024, has quickly become the dominant vehicle for regulated exposure to bitcoin in the US.
While the cryptocurrency market has faced ongoing headwinds in early 2026, including low volatility, declining retail participation and macroeconomic uncertainty, some long-term investors appear to be taking advantage of the crisis to build positions in regulated liquid products linked to digital assets.
BlackRock head of digital assets Robert Mitchnick said in a recent panel There is a misconception that hedge funds using ETFs are generating volatility and heavy selling, but that doesn’t match what the company is seeing. Instead, he said, IBIT holders are in this for the long haul.
