Abu Dhabi sovereign wealth fund bought $437 million of BlackRock's spot Bitcoin ETF

Abu Dhabi's sovereign wealth fund purchased $436.9 million of BlackRock's spot bitcoin ETF during the final quarter of last year, according to a filing from Friday.

The purchase came around the time BlackRock secured a commercial license to operate in Abu Dhabi last November. BlackRock manages the largest spot bitcoin ETF by assets under management, tallying nearly $56 billion, according to The Block Data Dashboard .

Abu Dhabi sovereign wealth fund Mubadala Investment Company officially purchased the shares in BlackRock's ETF, ticker symbol IBIT. The company makes investments on behalf of Abu Dhabi's government, which serves as capital city of the United Arab Emirates.

This is may be one of the most significant crypto-related investments ever made on behalf of Abu Dhabi. H0wever, it is not the city government's first foray into digital assets. The city government also invested in bitcoin mining in 2023. That same year, Marathon Digital and Zero Two said they would develop a giant bitcoin mining complex being in Abu Dhabi.

Editor's note: Abu Dhabi's sovereign wealth fund purchased the bitcoin in Q4.