Wisconsin, Abu Dhabi Disclose Hundreds Of Millions In Bitcoin ETFs

Wisconsin more than doubled its Bitcoin exposure in three months, while Abu Dhabi’s sovereign wealth fund publicly disclosed its Bitcoin purchase.

The State of Wisconsin Investment Board acquired an additional 3.1 million shares of BlackRock’s iShares Bitcoin (BTC) Trust in Q4 2024, according to a 13F filing with the Securities and Exchange Commission

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. As of the latest filing, its total Bitcoin ETF assets were valued at around $588 million, with BTC trading below $99,000.

Across borders, in the Middle East, another government-backed institutional investor also allocated funds to spot BTC ETFs. 

SEC Edgar records showed that the Abu Dhabi Sovereign Wealth Fund, known as Mubadala Investment Company, acquired BlackRock IBIT shares worth an estimated $436.9 million as of Dec. 31. Mubadala oversees major investments for Abu Dhabi, the capital of the United Arab Emirates.

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.

Spending nearly half a billion dollars on Bitcoin exposure marks a significant move for Abu Dhabi’s government. However, the UAE capital has previously invested in BTC mining, having attracted major firms like Marathon Digital to support its local mining industry in 2023.