Two Abu Dhabi-based investment firms added to BlackRock’s spot Bitcoin ETF during a market decline, pushing their combined position above $1 billion by the end of 2025. Mubadala Investment Company and Al Warda Investments both increased their holdings in the iShares Bitcoin Trust (IBIT) in Q4 2025, showing continued demand for regulated Bitcoin exposure even as prices fell.
Mubadala and Al Warda added IBIT during the downturn
Mubadala raised its stake to 12.7 million IBIT shares after buying nearly 4 million additional shares in the fourth quarter. Al Warda increased its position to 8.2 million shares. By the close of 2025, the value of their combined IBIT investment had moved past $1 billion.
The timing stands out. Bitcoin fell about 23% in Q4 2025, and the weakness carried into early 2026, with the asset down another 23% year to date. Based on the article’s assumption of no extra purchases, the combined value of those holdings has since dropped to a level just above $800 million.
Spot ETFs remain a preferred route for institutional exposure
The report points to a broader institutional pattern: large investors are using spot Bitcoin ETFs to access the crypto market without directly holding coins. For sovereign wealth funds and asset managers, these products offer a regulated structure, simpler portfolio administration, stronger liquidity, and lower custody risk. That makes ETFs a practical vehicle for adding digital asset exposure inside traditional investment frameworks.
Corporate buyers are still adding BTC and ETH
The buying trend is not limited to state-linked capital. Strategy bought 2,486 BTC at an average price of $67,710, investing $168 million. The company now holds 717,131 BTC valued at roughly $48.8 billion. With an average purchase price of $76,027, it is carrying about $5.8 billion in unrealized losses.
BitMine Immersion Technologies also expanded its crypto position, purchasing 45,759 ETH at an average price of $2,001 for a total of $91.6 million. The firm now holds 4.37 million ETH worth around $8.67 billion. Its average acquisition cost of $3,801 leaves it with paper losses close to $8 billion. Even with Bitcoin and Ethereum trading below prior entry levels, both companies continued to build their holdings.
Weak price action and steady institutional accumulation are moving in opposite directions
The source describes the crypto market in early 2026 as soft, with Bitcoin under pressure, retail activity muted, and broader economic uncertainty weighing on risk assets. Institutional behavior looks different. Sovereign funds, corporate treasuries, and asset managers are still increasing exposure through regulated products such as spot Bitcoin ETFs, indicating that recent filings and treasury activity remain tilted toward long-term positioning rather than short-term selling.