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The Abu Dhabi Sovereign Wealth Fund has made a substantial investment in BlackRock’s Bitcoin ETF, purchasing nearly $455 million worth of shares in the iShares Bitcoin Trust ETF (IBIT), according to recent U.S. Securities and Exchange Commission (SEC) filings.
BlackRock’s IBIT, which launched in January 2024, has quickly grown into the largest Bitcoin ETF by market capitalization. It has even surpassed BlackRock’s own gold ETF in net assets, despite the gold product being on the market for nearly 20 years.
Abu Dhabi’s sovereign wealth fund, founded in 1976, plays a key role in managing the nation’s financial resources. The fund has been among the most active globally, becoming the top spender among sovereign funds last year, overtaking Saudi Arabia, as reported by Reuters.
BlackRock has been expanding its presence in the region. The firm secured a commercial license in Abu Dhabi last year to strengthen its ties with sovereign wealth funds, investment firms, and asset managers.
“Abu Dhabi has rapidly transformed into a global financial center. Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets,” said Charles Hatami, head of the Middle East for BlackRock, in a statement to Bloomberg.