New filings show that the Abu Dhabi Sovereign Wealth Fund has accumulated hundreds of millions of dollars worth of BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF).
According to new filings with the U.S. Securities and Exchange Commission (SEC), the wealth fund has stockpiled about $455 million worth of the asset management giant’s iShares Bitcoin Trust ETF (IBIT).
The United Arab Emirates’ (UAE) wealth fund was established in 1976 to promote economic stability and prosperity for the nation. In December, Reuters reported that the fund became the world’s top wealth fund spender, passing Saudi Arabia.
Since its launch in January 2024, IBIT has become the largest ETF by market cap based on the flagship digital asset. In November, it was found that IBIT surpassed its gold counterpart in terms of net assets despite BlackRock’s gold ETF launching nearly two decades earlier.
According to a recent Bloomberg report, BlackRock secured its commercial license to operate in Abu Dhabi just last year and said it did so to work more closely with sovereign wealth funds, wealth managers and investment vehicles in the area.
As stated by Charles Hatami, head of the Middle East for BlackRock, to Bloomberg,
“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.”
IBIT is trading for $55.41 at time of writing, a 1.2% increase during the last 24 hours.
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