Two major Abu Dhabi investment firms increased their exposure to bitcoin in the fourth quarter of 2025, buying shares of BlackRock’s spot bitcoin ETF as the market fell, according to recent 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 holding to 12.7 million shares. The move comes after bitcoin fell roughly 23% during the quarter.
Mubadala made its first purchases in IBIT in late 2024 and has been steadily adding shares since then.
Al Warda Investments, another Abu Dhabi-based investment management firm that oversees diversified global assets on behalf of government 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 through IBIT at the end of 2025. However, with bitcoin down an additional 23% YTD in 2026, the current value of their combined holdings has fallen to just over $800 million as of Tuesday (assuming they haven’t continued to add into 2026).
The announcement, made via 13F filings with the US 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, SEEbiz reports.
While the crypto market has faced continued headwinds in early 2026 – including low volatility, reduced retail participation and macroeconomic uncertainty – some long-term investors appear to be using the downturn to build positions in regulated, liquid digital asset products.
Robert Mitchnick, head of digital assets at BlackRock, recently told a panel that there’s a misconception that hedge funds using ETFs drive volatility and heavy selling, but that doesn’t match what the firm is seeing. Instead, he said, IBIT owners are investing for the long term.
