Abu Dhabi, Wisconsin deepen Bitcoin exposure with $757M investment in BlackRock’s ETF

The State of Wisconsin Investment Board (SWIB) has stacked up an additional 3.1 million shares of BlackRock’s iShares Bitcoin Trust (IBIT), pushing its total Bitcoin ETF holdings to around $588 million, according to an SEC 13F filing for Q4 2024 that was released today. On the other side of the world, Abu Dhabi’s Mubadala Investment Company has also invested $436.9 million into IBIT.

SEC filings confirm that Wisconsin was the first US sovereign fund to step into Bitcoin ETFs, initially buying nearly 95,000 IBIT shares in March 2024. By August, that number had exploded to 2.9 million, and as of press time, the pension fund holds over 6 million shares.

Abu Dhabi invests over $400M into Bitcoin

Meanwhile, Mubadala’s filing shows its Bitcoin ETF buy happened around November, which was also the month that BlackRock got its UAE crypto license.

Mubadala’s investment falls in line with Abu Dhabi’s broader digital asset strategy. The UAE has been developing a strong regulatory system, starting with the Securities and Commodities Authority’s Decision No. (23) in 2020, which required crypto firms to secure approvals and licenses.

That was followed by Administrative Decision No. (11) in 2021, adding more guidance for virtual assets. Then, in December 2022, the UAE Cabinet introduced Resolution No. (111), creating a nationwide framework for crypto businesses and free zones.

Dubai’s Virtual Assets Regulatory Authority (VARA) was established to oversee crypto regulations in Dubai, VARA sets licensing requirements for Virtual Asset Service Providers (VASPs) and enforces compliance standards.

Crypto companies looking to operate in Dubai must meet strict regulatory requirements, including obtaining a full license and complying with tough Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) rules.

Under Dubai’s Virtual Asset Service Provider (VASP) law, firms must first secure Initial Approval, and then apply for a full operational license, which must be renewed annually.

Wisconsin and Abu Dhabi aren’t the only institutional players making moves in Bitcoin ETFs. Barclays, one of the world’s largest banks, has disclosed a $131 million investment in IBIT. The Q4 SEC filings also show that investment giants like Goldman Sachs and JPMorgan have ramped up their Bitcoin ETF exposure.

Avenir Group Holdings also holds $599 million worth of IBIT shares, proving once again that BlackRock’s IBIT is the most successful ETF launch in history.

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