Abu Dhabi sovereign investor Mubadala Investment Company and asset manager Al Warda Investments increased their exposure to bitcoin in the fourth quarter of 2025 by adding shares of BlackRock’s iShares Bitcoin Trust, regulatory filings show.
Mubadala bought nearly four million additional IBIT shares between October and December, lifting its total holdings to 12.7 million shares. The fund initially disclosed a position in late 2024 and has continued accumulating since. The purchases came during a quarter in which bitcoin slid about 23%.
Al Warda also modestly raised its stake, reporting ownership of 8.2 million shares at year-end, compared with 7.96 million shares three months earlier.
Combined, the two Abu Dhabi firms held more than $1 billion worth of bitcoin exposure through IBIT at the end of 2025. Following a further 23% decline in bitcoin prices so far in 2026, the estimated value of their joint holdings has fallen to just over $800 million as of Tuesday, assuming no additional buying this year.
The positions were disclosed in 13F filings with the U.S. Securities and Exchange Commission, underscoring sustained institutional demand for spot bitcoin ETFs even during periods of market weakness. Since its launch in early 2024, IBIT has grown into the dominant U.S.-listed vehicle for regulated bitcoin exposure.
Despite ongoing headwinds in early 2026 — including subdued volatility, lighter retail participation and broader macro uncertainty — some long-term investors appear to be taking advantage of lower prices to build positions in liquid, regulated digital asset products.
On a recent panel, BlackRock’s head of digital assets, Robert Mitchnick, said the notion that hedge funds trading ETFs are driving volatility and aggressive selling does not align with the firm’s observations. Instead, he noted, most IBIT holders appear to be investing with a long-term view.
