Two of Abu Dhabi’s leading state-backed investment entities have retained substantial positions in BlackRock’s iShares Bitcoin Trust, according to their latest regulatory disclosures. The combined stakes stand at approximately $763.7 million and remain at the same levels recorded in the prior quarter.

Mubadala’s Significant Bitcoin Allocation

Mubadala Investment Company disclosed a position valued at about $490.1 million in the Bitcoin exchange-traded fund. The holding consists of 14,721,917 shares of the iShares Bitcoin Trust as of June 30. This stake ranks as the second-largest single position in the fund’s reported 13F portfolio. Mubadala’s largest holding is GlobalFoundries shares, valued at roughly $32.9 billion.

The size of the Bitcoin ETF position has not changed from the previous reporting period. The disclosure was filed on a Friday.

Abu Dhabi Investment Council’s Largest Holding

The Abu Dhabi Investment Council reported a $273.6 million stake in the same BlackRock fund. It holds 8,218,712 shares. This position is the largest in the council’s 13F portfolio and also remained unchanged quarter over quarter. The filing was submitted a day earlier than Mubadala’s.

Together the two entities control roughly 22.94 million shares of the iShares Bitcoin Trust. Bitcoin ranks among the most prominent assets across the two funds’ disclosed portfolios.

Broader UAE Bitcoin Activity

Separate analysis from blockchain analytics firm Arkham Intelligence has previously linked approximately 6,782 bitcoins to wallets associated with mining operations connected to the UAE’s Royal Group. Those holdings were valued at around $453.6 million at the time of the assessment.

The UAE’s approach differs from that of several other governments. While some countries have built large Bitcoin reserves mainly through law enforcement seizures, the UAE’s known positions have primarily arisen from domestic mining activity.

Institutional Access Through Regulated Products

BlackRock’s iShares Bitcoin Trust has become the largest crypto exchange-traded fund by assets, with $47.3 billion under management. It has attracted more capital than any other comparable product since the U.S. Securities and Exchange Commission approved the first spot Bitcoin funds in January 2024.

The vehicle has enabled sovereign wealth funds, pension funds and state investment arms to gain exposure to Bitcoin’s price movements through a regulated product that trades on traditional stock exchanges. Many of these investors continue to hold the shares alongside conventional assets such as technology stocks and other U.S. equities.

Both Abu Dhabi funds have chosen the exchange-traded fund route rather than direct ownership of the underlying cryptocurrency for these particular positions.