Abu Dhabi’s Mubadala Sovereign Wealth Fund Increases Bitcoin Investment through IBIT as Wisconsin Fund Withdraws from Crypto ETF.

Abu Dhabi’s sovereign wealth fund, Mubadala, increased its investment in Bitcoin (BTC) in the first quarter by acquiring 491,000 shares of BlackRock’s iShares Bitcoin Trust (IBIT), as indicated in its recent Form 13-F filing.

As of March 31, Mubadala owned 8,726,972 shares of IBIT, representing a 6% rise from the previous quarter, valued at around $408.5 million at that time and exceeding $512 million based on current market prices.

Amid general price fluctuations, the growth in share count underscores the fund’s steadfast approach to Bitcoin. According to its disclosed information, this position in IBIT constitutes about 0.14% of its total assets under management, which amount to $302 billion.

Additionally, Abu Dhabi is home to other major state-owned investment entities, including the Abu Dhabi Investment Authority (ADIA), the Abu Dhabi Developmental Holding Company (ADQ), and the Emirates Investment Authority (EIA).

The State of Wisconsin Investment Board (SWIB), responsible for managing assets for the Wisconsin Retirement System along with other state funds, reported no holdings in Bitcoin exchange-traded funds (ETFs) as of March 31, marking a complete liquidation of its exposure in the first quarter.

In its previous quarter filing, SWIB had indicated ownership of 6,060,351 shares of IBIT, which were valued at $321.5 million, showing a significant 110% increase from the 2,898,051 shares it reported in the second quarter of 2024.

SWIB’s previous stake had replaced its earlier investments in Grayscale’s GBTC, which it retained through the second quarter of 2024. However, the full withdrawal shown in the latest filing points to a reevaluation of short-term exposure to cryptocurrencies via ETF formats.

The contrasting tactics employed by Mubadala and SWIB illustrate differing attitudes of state-supported investment strategies towards Bitcoin during a turbulent pricing period in early 2025.

While Mubadala chose to enhance its stake despite a drop in the asset’s value, SWIB’s divestment suggests a shift towards a lower risk appetite or a change in overall investment strategy.

These filings offer a glimpse into institutional investors’ reactions to Bitcoin’s volatility through ETF access, reflecting the blending of traditional finance with the cryptocurrency market.