Two Abu Dhabi State-Linked Firms Invest Over $1 Billion in Bitcoin ETF

Two major Abu Dhabi investment entities — Mubadala Investment Company and Al Warda Investments — filed Form 13F with the US Securities and Exchange Commission (SEC) for Q4 2025. According to the filings, both organizations invested approximately $1.03 billion in BlackRock’s spot Bitcoin ETF (IBIT).

The documents show:

• Mubadala Investment Company holds 12.7 million shares (up nearly 46% from the previous quarter), valued at about $631 million;
• Al Warda Investments holds 8.2 million shares (up 3%), valued at about $408 million.

These figures reflect holdings as of the end of Q4 2025. Since then, IBIT’s share price has declined, and the combined value of both stakes is now estimated at around $803 million.

Government Links

Mubadala Investment Company was founded in 2017 and operates as Abu Dhabi’s sovereign wealth fund, wholly owned by the government, managing approximately $330 billion in assets.

Al Warda Investments does not publicly disclose its founders or investors but is closely linked to Abu Dhabi Investment Council (ADIC), which is owned by Mubadala. Although presented as a private firm, significant state involvement is likely.

Growing Sovereign Interest in Bitcoin

Experts have previously suggested that sovereign wealth funds are increasingly allocating capital to Bitcoin, often through proxy instruments such as ETFs. Standard Chartered’s Jeff Kendrick has highlighted this trend.

In addition to Abu Dhabi’s sovereign fund, the government of Luxembourg has also reportedly invested in Bitcoin.