Abu Dhabi’s sovereign wealth fund, Mubadala, has increased its exposure to Bitcoin during the first quarter of the year, according to its recent Form 13-F filing. The fund purchased 491,000 shares of BlackRock’s iShares Bitcoin Trust (IBIT), bringing its total holdings to 8,726,972 shares as of March 31. This represents a 6% increase from the previous quarter and is valued at approximately $408.5 million, or over $512 million at current prices.
Despite the volatility in the price of Bitcoin, Mubadala’s decision to increase its share count in IBIT demonstrates its strong commitment to the digital asset. The fund’s IBIT position now accounts for around 0.14% of its $302 billion in total assets under management. Abu Dhabi also has other significant state-owned investment vehicles, including the Abu Dhabi Investment Authority (ADIA), the Abu Dhabi Developmental Holding Company (ADQ), and the Emirates Investment Authority (EIA).
In contrast, the State of Wisconsin Investment Board (SWIB) has exited its Bitcoin ETF exposure, as reported in its latest filing. As of March 31, SWIB no longer held any Bitcoin exchange-traded fund (ETF) shares, effectively liquidating its position in the first quarter. This decision marks a significant shift from the fund’s previous disclosure of 6,060,351 shares of IBIT valued at $321.5 million.
The contrasting strategies between Mubadala and SWIB reflect differing approaches to Bitcoin investment within the context of a volatile market environment in early 2025. While Mubadala chose to increase its exposure to Bitcoin despite price fluctuations, SWIB’s decision to exit its ETF holdings suggests a reevaluation of risk tolerance or a shift in portfolio strategy.
Both filings provide valuable insights into how institutional investors are responding to Bitcoin’s volatility through ETF-based access as traditional finance continues to integrate with the crypto market. This dynamic landscape highlights the evolving nature of investment strategies in the digital asset space.