The Abu Dhabi Sovereign Wealth Fund has reportedly acquired hundreds of millions of dollars worth of BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF), as per new filings.
According to recent filings with the U.S. Securities and Exchange Commission (SEC), the wealth fund has amassed around $455 million worth of the iShares Bitcoin Trust ETF (IBIT) by the asset management giant.
Established in 1976, the United Arab Emirates’ (UAE) wealth fund aims to foster economic stability and prosperity for the nation. In a December report by Reuters, it was mentioned that the fund has emerged as the world’s top wealth fund spender, surpassing Saudi Arabia.
Since its launch in January 2024, IBIT has emerged as the largest ETF by market cap based on the flagship digital asset. In November, it was revealed that IBIT has exceeded its gold counterpart in terms of net assets despite BlackRock’s gold ETF being introduced almost two decades earlier.
As per a recent Bloomberg report, BlackRock obtained its commercial license to operate in Abu Dhabi last year to strengthen its collaboration with sovereign wealth funds, wealth managers, and investment vehicles in the region.
Charles Hatami, head of the Middle East for BlackRock, expressed, “Abu Dhabi has rapidly transformed into a global financial center. Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets.”
Currently, IBIT is trading at $55.41, marking a 1.2% increase over the last 24 hours.
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