Abu Dhabi Sovereign Wealth Fund Reports Owning $455,672,040 Worth of BlackRock’s Bitcoin ETF in New SEC Filing

New filings present that the Abu Dhabi Sovereign Wealth Fund has accrued a whole bunch of hundreds of thousands of {dollars} value of BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF).

In line with new filings with the U.S. Securities and Trade Fee (SEC), the wealth fund has stockpiled about $455 million value of the asset administration big’s iShares Bitcoin Belief ETF (IBIT).

The United Arab Emirates’ (UAE) wealth fund was established in 1976 to advertise financial stability and prosperity for the nation. In December, Reuters reported that the fund turned the world’s high wealth fund spender, passing Saudi Arabia.

Since its launch in January 2024, IBIT has change into the largest ETF by market cap based mostly on the flagship digital asset. In November, it was discovered that IBIT surpassed its gold counterpart by way of web property regardless of BlackRock’s gold ETF launching practically twenty years earlier.

In line with a current Bloomberg report, BlackRock secured its business license to function in Abu Dhabi simply final yr and mentioned it did so to work extra intently with sovereign wealth funds, wealth managers and funding autos within the space.

As acknowledged by Charles Hatami, head of the Center East for BlackRock, to Bloomberg,

“Abu Dhabi has quickly reworked into a worldwide monetary middle. Its strategic location, proactive authorities insurance policies, and dedication to sustainable development make it a really perfect location for capital markets.”

IBIT is buying and selling for $55.41 at time of writing, a 1.2% improve over the past 24 hours.

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