An IMGW News Report
The Abu Dhabi Investment Authority (ADIA) has taken a substantial position in BlackRock’s Bitcoin exchange-traded fund* (ETF), according to recent filings with the U.S. Securities and Exchange Commission (SEC). The sovereign wealth fund now holds $455 million worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT).
Founded in 1976, ADIA is one of the world’s largest sovereign wealth funds, tasked with managing capital to ensure the economic stability of the United Arab Emirates (UAE). In 2023, it became the world’s biggest sovereign wealth fund spender, surpassing Saudi Arabia. Its foray into Bitcoin ETFs signals the increasing institutional acceptance of digital assets.
Since its launch in January 2024, IBIT has emerged as the largest Bitcoin ETF by assets under management, surpassing even BlackRock’s gold ETF, which has been in operation for nearly two decades. The fund’s success reflects the broader institutionalisation of cryptocurrency markets, driven in part by BlackRock’s reputation as the world’s largest asset manager.
With over $10 trillion in assets under management, BlackRock is a dominant force in global finance, influencing markets through its extensive range of investment products. The firm has been expanding its presence in the Middle East, securing a commercial licence in Abu Dhabi in 2023 to work more closely with regional sovereign wealth funds and institutional investors.
“Abu Dhabi has swiftly positioned itself as a global financial hub, supported by strategic policies and a commitment to sustainable growth,” said Charles Hatami, BlackRock’s head for the Middle East.
IBIT is currently trading at $55.41, up 1.2% in the past 24 hours. The fund’s growing adoption among institutional investors highlights Bitcoin’s evolving role in global capital markets. Meanwhile, UK banking giant Barclays has also disclosed a $137 million stake in IBIT, reinforcing the trend of major financial institutions gaining exposure to digital assets.
