Mubadala has made a significant investment of $436 million in BlackRock’s bitcoin exchange-traded fund (ETF).
The Abu Dhabi sovereign wealth fund acquired 8.2 million shares in the iShares Bitcoin ETF during the fourth quarter of 2024, according to its recent filing with the U.S. Securities and Exchange Commission (SEC).
iShares, which is managed by BlackRock, stands as one of the largest ETF providers globally. Its bitcoin fund tracks the price of the cryptocurrency, which has surged by over 86% in the last 12 months, reaching just above $96,000 per coin.
Bitcoin’s price saw a more than 40% increase following Donald Trump’s re-election in November, seemingly fueled by his promises to safeguard the right to own bitcoin and to foster innovation in the blockchain industry.
Mubadala is among a growing number of asset managers who have either made their first investment in U.S. bitcoin ETFs or raised their exposure to the asset, signaling a rising confidence in cryptocurrency.
Eric Trump, the third son of the U.S. president, remarked at a conference in Abu Dhabi in December that his father intends to make the U.S. the “crypto capital of the world.” Additionally, Eric Trump expressed confidence that bitcoin will eventually reach a value of $1 million.
