Both The Abu Dhabi Investment Council (ADIC), owned by Mubadala, a sovereign wealth fund, and Mubadala itself have invested in Black Rocks iShares Bitcoin Trust ETF. Both entities have purchased more than 16 million shares according to regulatory filings.
ADIC, which held 2.4 million shares back in September, increased its investment to almost 8 million shares at the end of September. At the time the shares were worth about $518 million. Mubadala, the mother company, Abu Dhabi’s sovereign wealth fund, disclosed a $408.5 million stake in IShare Bitcoin Trust (IBIT) in a 13F filing released on May 15th 2025. The fund reported holding 8,726,972 shares as of March 31, 2025, an increase from 8,235,533 shares reported at the end of 2024. This increased exposure showcases the perception change regarding Bitcoin and crypto in general after President Trump has taken office.
The iShares Bitcoin Trust ETF, is the world’s largest crypto ETF with more than $70 billion in assets.
In a Bloomberg article, a representative for ADIC said it’s building a small allocation to Bitcoin as part of a long-term diversification strategy. “We view Bitcoin as a store of value similar to gold, and as the world continues to move toward a more digital future, we see Bitcoin playing an increasingly important role alongside gold.” He added, “Both assets contribute to diversifying our portfolio, and we expect to hold them as part of our near and long-term strategy.”
The investments made by both ADIC and Mubadala showcase how sovereign wealth funds are now considering Bitcoin as an institutional investment asset.
Already bitcoin mining entities, also owned by sovereign wealth funds hold Bitcoin. Arkham noted that sovereign wealth fund IHC owned Citadel Mining holds more than $700 million Bitcoin. Citadel Mining is 85% owned by 2pointzero, which is 100% owned by IHC. IHC is ~61% owned by UAE Royal Group, which is a conglomerate owned by Sheikh Tahnoon bin Zayed Al Nahyan, of Abu Dhabi’s royal family.
While Phoenix Group, an ADX listed company with investments from sovereign wealth funds as well owns $3.2 million of BTC.
In August, Arkham noted the UAE has become the 4th largest government with Bitcoin holdings worth almost $740 million. According to Arkham X post, ” Unlike the US and UK, the UAE’s holdings do not come from police asset seizures but from mining operations with Citadel Mining. So far, they have mined approximately 9,300 BTC and are still holding at least approximately 6,300 BTC.”
Additionally in a recent Avaloq report, the Avaloq wealth insights 2025 report, built on two surveys carried out earlier in 2025, in February and March with over 3,851 investors from 15 markets including the UAE, found that 39% of UAE investors hold crypto, surpassing the global average of 30%.
UAE crypt investors usage of crypto exchanges was also higher than the world average, yet for those not yet invested in crypto, they would rather work with their traditional providers, banks and wealth managers rather than crypto exchanges.
The survey noted that 93% of UAE crypto investors engage in crypto exchange platforms compared to 86% globally. For those who haven’t invested in crypto yet, 51% said they would consider investing if offered by their traditional provider. As per the report, this is an opportunity for UAE wealth managers.
