Wisconsin, Abu Dhabi Sovereign Wealth Funds Boost Bitcoin Exposure

The State of Wisconsin Investment Board and Abu Dhabi’s Mubadala Investment Company have increased their Bitcoin exposure significantly in recent months. Wisconsin’s investment board more than doubled its Bitcoin ETF holdings, while Mubadala publicly disclosed its Bitcoin purchase.

Wisconsin’s Growing Bitcoin ETF Holdings

According to a 13F filing with the Securities and Exchange Commission, the State of Wisconsin Investment Board acquired an additional 3.1 million shares of BlackRock’s iShares Bitcoin Trust in Q4 2024. This brings the total Bitcoin ETF assets to approximately $588 million, with Bitcoin trading below $99,000.

Last year, Wisconsin became the first sovereign fund to gain exposure to Bitcoin ETFs. Initially, the board purchased nearly 95,000 IBIT shares and also invested in the Grayscale Bitcoin ETF. By August, Wisconsin had increased its holdings to approximately 2.9 million shares.

Abu Dhabi’s Sovereign Wealth Fund Enters the Bitcoin Market

Across borders, in the Middle East, Mubadala Investment Company, the Abu Dhabi Sovereign Wealth Fund, acquired BlackRock IBIT shares worth an estimated $436.9 million as of December 31. This significant investment marks a substantial move for Abu Dhabi’s government.

The filing suggests that Mubadala purchased Abu Dhabi’s Bitcoin ETF shares around November, coinciding with BlackRock securing a license from local regulators to offer crypto services.

Notably, the UAE capital has previously invested in Bitcoin mining, having attracted major firms like Marathon Digital to support its local mining industry in 2023.

Key Takeaways:

  • Wisconsin’s investment board more than doubled its Bitcoin ETF holdings in Q4 2024.
  • Mubadala Investment Company, the Abu Dhabi Sovereign Wealth Fund, acquired BlackRock IBIT shares worth an estimated $436.9 million.
  • Abu Dhabi’s government has previously invested in Bitcoin mining and has attracted major firms like Marathon Digital.

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