Key Points
- Wisconsin’s Bitcoin exposure more than doubled in three months, with its Bitcoin ETF assets valued at approximately $588 million.
- Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company, publicly disclosed its Bitcoin purchase, estimated at $436.9 million.
The State of Wisconsin Investment Board significantly increased its exposure to Bitcoin over a three month period.
This was achieved through the acquisition of an additional 3.1 million shares of BlackRock’s iShares Bitcoin (BTC) Trust in the fourth quarter of 2024, as reported in a 13F filing with the Securities and Exchange Commission.
Wisconsin’s Bitcoin Investments
In the previous year, Wisconsin set a precedent by becoming the first sovereign fund to invest in Bitcoin ETFs.
The board’s initial purchase was close to 95,000 IBIT shares, and it also invested in the Grayscale Bitcoin ETF.
By August, the state had augmented its holdings to an estimated 2.9 million shares.
As per the most recent filing, Wisconsin’s total Bitcoin ETF assets were worth approximately $588 million, at a time when BTC was trading under $99,000.
Abu Dhabi’s Bitcoin ETF Investments
Meanwhile, in the Middle East, another government-backed institutional investor also diversified its portfolio with BTC ETFs.
The SEC Edgar records revealed that the Abu Dhabi Sovereign Wealth Fund, also known as Mubadala Investment Company, purchased BlackRock IBIT shares.
These shares were valued at a substantial $436.9 million as of December 31.
Mubadala is responsible for managing significant investments for Abu Dhabi, the capital of the United Arab Emirates.
The filing indicates that Mubadala’s purchase of Abu Dhabi’s Bitcoin ETF shares occurred around November.
This coincided with BlackRock obtaining a license from local regulators to provide crypto services.
The investment of nearly half a billion dollars in Bitcoin exposure represents a significant move for the government of Abu Dhabi.
It’s worth noting that the UAE capital has previously invested in BTC mining, attracting major companies like Marathon Digital to bolster its local mining industry in 2023.