One of the United Arab Emirates’ prominent sovereign wealth funds, Mubadala Investment Company, has considerably increased its holdings in the BlackRock iShares Bitcoin Trust (IBIT) spot exchange-traded fund. This expansion of their digital asset portfolio highlights the burgeoning interest from large state-backed investment vehicles in the Middle East towards cryptocurrencies as a legitimate asset class.
Mubadala Expands Bitcoin ETF Holdings
According to a recent 13F filing submitted on May 15, 2025, Mubadala reported owning a total of 8,726,972 IBIT shares as of March 31, 2025. This represents a significant increase of 491,436 shares compared to their position at the end of 2024, when they held 8,235,533 shares. The stated value of their stake based on the May 15 filing was approximately $408.5 million.
Pioneering Investment in the Gulf
Mubadala first disclosed an investment in BlackRock’s IBIT ETF in late 2024. That initial reported stake was valued at around $436 million at the time of the filing, marking the first publicly disclosed investment in a Bitcoin ETF by a sovereign wealth fund from the Gulf region. This move signals a potential trend among large institutional investors in the Middle East to gain direct exposure to Bitcoin through regulated investment vehicles.
Beyond direct ETF investment, other entities in the UAE are also exploring the digital asset space. For example, another Abu Dhabi sovereign fund, ADQ, has partnered with Marathon Digital Holdings to establish a digital asset mining company within the emirate.
Bitcoin Adoption by Bahraini Public Company
The embrace of Bitcoin is also spreading to other parts of the GCC. Al Abraaj Restaurants Group, a company publicly traded on the Bahrain Bourse (Ticker: ABRAAJ), recently announced it has added Bitcoin to its corporate balance sheet. Partnering with U.S.-based 10X Capital, the group made an initial purchase of 5 BTC.
This strategic decision positions Al Abraaj as the first publicly listed company in the Kingdom of Bahrain, the wider Gulf Cooperation Council, and the Middle East to acquire Bitcoin as a treasury reserve asset. The company, which reported a solid 2024 EBITDA of $12.5 million, indicated plans to significantly increase the portion of its corporate treasury allocated to Bitcoin following this initial acquisition.
Maxwell Reed is the first editor of Cryptovista360. He loves technology and finance, which led him to crypto. With a background in computer science and journalism, he simplifies digital currency complexities with storytelling and humor. Maxwell began following crypto early, staying updated with blockchain trends. He enjoys coffee, exploring tech, and discussing finance’s future. His motto: “Stay curious and keep learning.” Enjoy the journey with us!