Abu Dhabi Reveals $436.9 Million Investment in BlackRock’s Bitcoin ETF
In the latest news, Abu Dhabi showed on Friday that BlackRock’s ishares Bitcoin ETF (IBIT) shares had US$436.9 million as of December 31, 2024. 13F Register with SEC. The company invests on behalf of the Abu Dhabi government, the capital of the United Arab Emirates.
Bitcoin responds to news
After the news, the price of Bitcoin rose about 1% to $97,700. It is worth noting that the purchase was in Blackrock, which obtained a commercial license in Abu Dhabi in November last year. Blackrock manages the largest spot Bitcoin ETF with nearly $56 billion in assets. It is worth noting that this investment represents one of the first known crypto asset allocations by major sovereign wealth funds.
While this may be one of Abu Dhabi’s largest crypto investments, it is not the city’s first step into digital assets. In 2023, Abu Dhabi also invested in Bitcoin mining, marathon numbers and zero two announced plans for the city’s major mining complex. In addition, former Binance CEO Changpeng Zhao owns hint Other Abu Dhabi-based SWFs may follow suit.
Is Abu Dhabi’s purchase to benefit us?
Bitcoin advocate Anthony Pompliano believes that the purchase in Abu Dhabi will benefit the U.S. strategic reserve plan. “Abu Dhabi’s sovereign wealth fund just revealed that they are buying hundreds of millions of dollars in bitcoin and people still think the U.S. won’t buy bitcoin. Strategic Bitcoin reserves are happening.
In addition, Pompliano pointed out that the world’s largest sovereign wealth fund is now investing in Bitcoin, emphasizing that only 21 million Bitcoins are available. He shared: “I want to know what will happen here now to the nation-state.”
This move coincides with a broader trend in adopting cryptocurrencies in the Middle East, where governments and financial institutions show greater interest in blockchain and digital assets.
Wisconsin increases its stake in IBIT
Additionally, the Wisconsin Investment Commission (SWIB) has increased its shares in BlackRock’s iShares Bitcoin Trust (IBIT) by adding 3 million shares, with a total value of more than $321 million as of December 31, 2024, Valued at over $321 million. To the recent SEC filing. Notaby, the Wisconsin board of directors, diversified its crypto-related investments IBET and owns stakes in Coinbase, Mara Holdings, Robinhood and Block Inc.
