Abu Dhabi Bought More Bitcoin Through BlackRock’s IBIT in Q1 2024
Abu Dhabi’s sovereign wealth fund, Mubadala, has disclosed increased exposure to Bitcoin in the first quarter of the year through the BlackRock IBIT. Its Form 13F filing with the US Securities and Exchange Commission on Thursday reveals that the sovereign wealth fund now holds 8,726,972 BlackRock iShares Bitcoin Trust (IBIT) shares valued at $408.5 million as of March 31. The new figures show a difference of 491,000 in the share amount compared to its Q4 2024 holdings of 8,235,972 IBIT. This confirms that Mubadala leveraged the dip in Bitcoin and IBIT shares to increase its exposure to them.
Abu Dhabi Displays Resilience Despite Turbulence
At the end of last year, its BlackRock ETF stash was worth $436 million. During this period, Bitcoin surged extensively, and investment vehicles tracking its performance followed suit. By December 31, the IBIT shares stood at $54. However, the crypto market suffered severe downsides in the first quarter of the year, with IBIT’s shares dropping from $54 to $47 as of March 31. The dip saw Mubadala shares’ worth drop from $436 million to $408.5 million despite buying more. Moreover, its decision to stack more reflects a long-term disposition towards Bitcoin rather than a short-term syndrome. Notably, the shares have surged extensively in today’s market to reclaim $58, with the Abu Dhabi sovereign wealth fund’s holdings now worth over $512 million.
Other 13F Filing Disclosures
Meanwhile, several other companies filed Form 13F with the US SEC on Thursday. For instance, Citadel Advisors disclosed that it holds 3,139,079 shares of IBIT worth $146.9 million, also increasing its stash from Q4 2024. The investment firm also confirmed exposure to other iShares Bitcoin products, including $366 million in put options and $676 million in call options. This reflects its inclination towards other means of Bitcoin exposure. The highlight of Thursday’s filings was Wisconsin’s liquidation of its ETF holdings. The State of Wisconsin Investment Board sold all $321 million worth of BlackRock’s IBIT, diverting to other forms of investments. Meanwhile, it still holds $19 million of Coinbase’s COIN stock. Currently, Goldman Sachs remains the leading IBIT holder, followed by Millennium Management. Other notable holders include Avenir Group and Barclays Bank.