SEC filings: Abu Dhabi's Mubadala and Al Warda hold about $764M of BlackRock's spot Bitcoin ETF

Two major Abu Dhabi-linked investment entities have built a sizable position in BlackRock's iShares Bitcoin Trust ETF (IBIT), together holding shares worth about $764 million, according to the latest SEC Form 13F disclosures. As of March 31, Mubadala Investment Company reported 14.7 million IBIT shares valued at roughly $565.6 million. Al Warda Investments—an entity tied to the Abu Dhabi Investment Council—disclosed about 8.2 million shares, taking the combined stake to the $764 million level. The purchases appear to be part of a multi-quarter build rather than a new allocation. Mubadala first disclosed IBIT exposure of at least $436 million in Q4 2024, shortly after US spot Bitcoin ETFs launched earlier that year. The sovereign wealth fund has increased its holdings in each subsequent quarter. The newest filing implies a 16% rise from the roughly 12.7 million shares it reported at the end of 2025. Reports previously put total Abu Dhabi-linked IBIT exposure above $1 billion at the end of 2025, before market moves reduced the notional value. The current $764 million figure is presented as a function of Bitcoin price fluctuations, not a broad reduction in share count; Mubadala increased its stake even as the dollar value shifted. Notably, neither Mubadala nor Al Warda listed direct cryptocurrency or token positions in their 13F reports. Their exposure is routed through BlackRock's regulated ETF structure, which centralizes custody and compliance—a format that often aligns better with institutional risk and operational requirements than holding tokens directly or using DeFi rails. BlackRock's IBIT has pulled in tens of billions of dollars since its January 2024 debut, making it one of the strongest ETF launches on record. The five consecutive quarters of disclosed buying by Mubadala, alongside Al Warda's position, stands out as one of the more visible Gulf institutional entries into US-listed Bitcoin products. The filings reflect positions as of March 31 and may have changed since then, as 13F reports are quarterly snapshots rather than real-time disclosures. Still, the drop in reported value from above $1 billion to $764 million without an apparent selloff points to a longer-horizon allocation approach rather than short-term trading.