Fueling the UAE’s crypto ambitions, Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, has invested a staggering $534 million in BlackRock’s iShares Bitcoin Trust (IBIT), according to a Securities and Exchange (SEC) filing. This accounts to approximately 8.7 million shares of IBIT. Besides crypto, Mubadala has spread its investments across several other sectors, including healthcare, real estate, technology, aerospace, energy, and utilities.
BlackRock’s IBIT is a leading spot Bitcoin exchange-traded funds (ETFs) providing investors direct exposure to price movements of the master coin rather than holding the cryptocurrency themselves. Reportedly, nearly 1,466 institutions have filed Form 13F with the SEC, unveiling their investments in BlackRock’s IBIT, valued at more than $21.4 billion.
IBIT is an investment magnet for more institutions
A latest report showed that Al Warda Investments, based in Abu Dhabi, also holds 2.4 million shares of IBIT, which is equal to $147.5 million. Adding to the row, UK-based hedge fund Brevan Howard cracked the record, becoming the largest IBIT holder. The investment company holds around 37.5 million IBIT shares, worth $2.3 billion. Hong Kong–based firm, Avenir, acquired 16.55 million IBIT shares, equivalent to $1 billion. All of these IBIT holdings are reported as of June 30.
UAE’s crypto innovative climate speaks volume
The Dubai Multi Commodities Centre (DMCC) and the Abu Dhabi Global Market (ADGM) have earlier rolled out clear frameworks for financial firms to easily facilitate crypto businesses in the region. Their innovative regulations have allured several local and international investors, positioning the UAE as a key point of attraction for crypto and Web3 companies.
