By the close of 2025, Abu Dhabi’s wealth funds had accumulated more than $1 billion in bitcoin ETFs.

Two prominent Abu Dhabi investment firms — Mubadala Investment Company and Al Warda Investments — boosted their positions in BlackRock’s iShares Bitcoin Trust during the fourth quarter of 2025, increasing exposure to bitcoin amid a market pullback.

According to recent 13F filings, Mubadala acquired nearly four million additional IBIT shares between October and December, bringing its total stake to 12.7 million shares. The sovereign wealth fund first established a position in the ETF in late 2024 and has continued adding since. Bitcoin declined roughly 23% over the fourth quarter.

Al Warda Investments also expanded its holdings, reporting 8.2 million shares at year-end, up from 7.96 million shares at the end of the prior quarter.

At the close of 2025, the two firms together held more than $1 billion worth of bitcoin exposure through IBIT. With bitcoin falling another 23% year-to-date in 2026, however, the combined value of those holdings has dropped to just above $800 million as of Tuesday, assuming no additional purchases this year.

The disclosures, filed with the U.S. Securities and Exchange Commission, highlight continued institutional interest in spot bitcoin ETFs despite broader crypto market weakness. Since launching in early 2024, IBIT has emerged as the leading U.S.-listed vehicle for regulated bitcoin exposure.

Although digital asset markets have faced pressure in early 2026 — including muted volatility, softer retail demand and macroeconomic uncertainty — some long-term investors appear to be using the downturn to accumulate positions in liquid, regulated crypto products.

Speaking at a recent panel, BlackRock’s head of digital assets, Robert Mitchnick, rejected the idea that hedge fund ETF activity is driving outsized volatility or selling pressure. Instead, he said, the firm’s data indicates that most IBIT investors are maintaining a long-term investment horizon.