Abu Dhabi’s sovereign wealth fund Mubadara raised its exposure to Bitcoin (BTC) in the first quarter and purchased 491,000 shares of BlackRock’s iShares Bitcoin Trust (IBIT) in accordance with the latest Form 13-F filing.
Mbadara held 8,726,972 stakes in IBIT as of March 31, up 6% from the previous quarter, reaching approximately $408.5 million at the end of March and exceeding $512 million at its current price.
Despite wider price volatility, the increase in Shet Accounts highlights the Sovereign Wealth Fund’s commitment to Bitcoin. Based on public disclosures, the fund’s IBIT position accounts for approximately 0.14% of the $300 billion total assets under management.
In particular, Abu Dhabi has other important state-owned investment vehicles, such as the Abu Dhabi Investment Authority (ADIA), Abu Dhabi Developmental Holdings Company (ADQ), and Emirate Investment Authority (EIA).
Wisconsin ends Bitcoin ETF exposure
Wisconsin State Investment Board (SWIB), which manages the assets of Wisconsin retirement plans and other state-owned funds; It has been reported As of March 31, there were no Bitcoin Exchange Trade Funds (ETFs) held and they effectively settled their exposures in the first quarter.
In its fourth quarter filing, SWIB had disclosed 6,060,351 shares of IBIT, $321.5 million. This represents a 110% increase from 2,898,051 shares held in the second quarter of 2024.
Swib’s position previously replaced Grayscale’s GBTC holdings, which remained held until the second quarter of 2024. However, the full exit reflected in the latest submission suggests a reevaluation of short-term exposure to cryptography via ETF structures.
The contrasting strategy between Mbadara and SWIB reflects differences in state-backed positioning to Bitcoin amid the volatile pricing environment of early 2025.
Mbadara chose to increase exposure through a higher She account despite a decline in asset value, but SWIB liquidation refers to a reduced risk tolerance or a pivot of portfolio strategies.
Both filings provide up-to-date data on institutional investors’ response to Bitcoin volatility through ETF-based access, as traditional finance is integrated with crypto.