Mubadala Funding Firm, Abu Dhabi’s sovereign wealth fund, bought $436.9 million price of iShares Bitcoin Belief (IBIT) shares within the first quarter of 2024, in response to regulatory filings.
Mubadala, which manages over $280 billion in property, acquired 8.2 million shares of IBIT, as disclosed in its Q1 13F submitting with the US Securities and Change Fee.
Bitcoin reacted positively to the announcement, rising 1% from the $96,700 stage to $97,700.
The funding represents one of many first recognized allocations to crypto property by a serious sovereign wealth fund.
Mubadala’s transfer into Bitcoin ETFs comes as institutional traders more and more embrace digital asset funding merchandise in conventional finance markets.
The Abu Dhabi-based fund’s ETF buy follows broader crypto adoption traits within the Center East, the place governments and monetary establishments have proven rising curiosity in blockchain expertise and digital property.
