Abu Dhabi-based investment funds significantly increased their exposure to Bitcoin through holdings in BlackRock’s spot Bitcoin ETF (IBIT) during the fourth quarter of 2025, according to recent filings with the U.S. Securities and Exchange Commission. The combined holdings of Mubadala Investment Company and Al Warda Investments exceeded $1 billion at the end of last year, despite a roughly 23% decline in Bitcoin’s price during the same period.
Mubadala, a sovereign wealth fund backed by the Abu Dhabi government, added nearly four million shares of IBIT between October and December, bringing its total stake to 12.7 million shares. This represents a substantial increase from the approximately 8.7 million shares held in the third quarter, according to filings. As of December 31, Mubadala’s IBIT holdings were valued at around $630.6 million.
Al Warda Investments, another Abu Dhabi-based firm overseeing assets for government-related entities, also increased its IBIT position, albeit at a more moderate pace. The firm held 8.2 million shares at the end of the fourth quarter, up from 7.96 million shares three months prior.
The combined investment of the two funds totaled over $1.1 billion at the close of 2025. However, a subsequent downturn in Bitcoin’s value in early 2026 has reduced the current value of their combined holdings to just over $800 million as of Tuesday, February 17, 2026, based on a recent IBIT price of $38.44 per share.
The disclosures, made through standard 13F filings, highlight growing institutional interest in spot Bitcoin ETFs, even amidst market volatility. BlackRock’s IBIT, launched in early 2024, has quickly become the leading vehicle for regulated exposure to Bitcoin in the United States.
Despite headwinds in the crypto market in early 2026 – including reduced retail participation and macroeconomic uncertainty – some investors appear to be capitalizing on the downturn to acquire positions in regulated digital asset products. Robert Mitchnick, head of digital assets at BlackRock, recently stated that observations do not support the belief that hedge funds using ETFs are driving volatility and heavy selling, suggesting IBIT holders are primarily long-term investors.
Mubadala first initiated its IBIT purchases in late 2024 and has continued to add to its position. The firm manages a global portfolio exceeding $330 billion, with a strategy focused on generating sustainable returns for the Government of Abu Dhabi and diversifying its economy beyond oil.
