Abu Dhabi state-backed investors quietly amassed a billion-dollar position in U.S. spot Bitcoin ETFs by the end of 2025. Fourth-quarter 13F filings with the SEC reveal that Mubadala Investment Company held 12,702,323 shares of BlackRock's spot Bitcoin ETF, valued at approximately $630.7 million as of Dec. 31. A separate filing from Al Warda Investments showed 8,218,712 shares in the same fund, worth roughly $408.1 million. Combined, the two entities owned about 20.9 million shares worth just over $1.04 billion.
State capital goes long on Bitcoin
The disclosure adds to a broader institutional wave. Italian banking giant Intesa Sanpaolo recently revealed nearly $100 million in Bitcoin ETF holdings in a separate SEC filing. Mubadala and Al Warda's combined exposure underscores how sovereign funds are allocating to regulated Bitcoin products offered by BlackRock, signaling a long-term strategy rather than tactical trading.
ETF outflows persist
Yet the milestone comes amid renewed selling pressure. Data from SoSoValue shows total daily net outflows of $104.87 million in the latest session, with total net assets across U.S. spot Bitcoin ETFs at $85.52 billion. Bitcoin traded around $67,753 at the time of writing. Flow data from late January through February shows volatility, with several large redemptions interspersed with brief inflow spikes.
The 13F filings reflect positions as of Dec. 31 and do not capture activity in early 2026. But the sheer size of the holdings—especially from state-backed entities—suggests a conviction that extends beyond short-term market fluctuations.