Specific Holdings

• Mubadala Investment Company — 14,721,917 shares of IBIT, valued at $565.6 million as of March 31, 2026 . This represents a 16% increase from the 12,702,323 shares held at the end of Q4 2025, adding roughly $90 million in new exposure during Q1 2026 . IBIT is now Mubadala's second-largest single holding across its entire reported 13F portfolio .
• Al Warda Investments (a subsidiary of the Abu Dhabi Investment Council / ADIC) — 8.2 million IBIT shares, held flat in Q1 2026 . At prevailing prices, this stake was worth roughly $198 million, bringing the combined total to approximately $764 million .

A Six-Quarter Accumulation Streak, Through a Drawdown

Mubadala's accumulation streak began in Q4 2024 and has run unbroken for six consecutive quarters through Q1 2026 . Key milestones from the publicly available 13F data:

Critically, Mubadala continued buying through Bitcoin's ~23% drawdown in Q4 2025 and into further price weakness in early 2026, rather than reducing exposure . This counter-cyclical buying is a hallmark of long-term strategic allocation, not tactical trading. The combined Abu Dhabi holdings exceeded $1 billion at Q4 2025 prices, with the subsequent decline to ~$764 million driven primarily by Bitcoin's price drop — not by selling .

Why a Regulated ETF, Not Direct Bitcoin

Both funds chose BlackRock's spot Bitcoin ETF (IBIT) rather than holding bitcoin directly . This choice matters for several reasons that help explain how state-owned funds can gain crypto exposure:

• Regulatory compliance — A U.S. SEC-registered ETF (structured under the 1940 Act exemption for commodity-based trusts) fits within the same compliance and custody frameworks the funds use for other securities .
• Operational simplicity — No need to manage private keys, self-custody infrastructure, or crypto-native reporting. The fund can treat IBIT like any other equity holding.
• Liquidity and tracking — IBIT is the largest spot bitcoin ETF by assets under management, offering deep liquidity and tight tracking to bitcoin's spot price.

What This Reveals About Institutional Strategy

The Abu Dhabi position signals several shifts in how large, conservative state-owned funds approach Bitcoin:

• Bitcoin as a core strategic asset — IBIT is now the second-largest position in Mubadala's entire 13F portfolio, trailing only a longer-term stake in Arm Holdings . This signals that bitcoin is treated as a core allocation, not a speculative side bet.
• Buy-the-dip discipline — Accumulating through a 23% drawdown shows a belief in long-term asymmetric upside rather than short-term momentum .
• ETF-first path for sovereigns — The reliance on a regulated, branded product (BlackRock iShares) reduces governance risk and makes bitcoin exposure board-approvable for conservative state-owned funds. This likely paves the way for other sovereign wealth funds to follow the same playbook .
• Stacking over time, not lump-sum — The gradual, quarterly growth of the position (from ~8.7 million to ~14.7 million shares over six quarters) suggests a systematic dollar-cost-averaging mandate rather than a single tactical bet .

In short, Abu Dhabi's ~$764 million IBIT position is significant not just for its size but for its structure: a patient, counter-cyclical, ETF-based accumulation by a major state-owned fund — a template that other sovereign investors are now watching closely .

Specific Holdings

• Mubadala Investment Company — 14,721,917 shares of IBIT, valued at $565.6 million as of March 31, 2026 . This represents a 16% increase from the 12,702,323 shares held at the end of Q4 2025, adding roughly $90 million in new exposure during Q1 2026 . IBIT is now Mubadala's second-largest single holding across its entire reported 13F portfolio .
• Al Warda Investments (a subsidiary of the Abu Dhabi Investment Council / ADIC) — 8.2 million IBIT shares, held flat in Q1 2026 . At prevailing prices, this stake was worth roughly $198 million, bringing the combined total to approximately $764 million .

A Six-Quarter Accumulation Streak, Through a Drawdown

Mubadala's accumulation streak began in Q4 2024 and has run unbroken for six consecutive quarters through Q1 2026 . Key milestones from the publicly available 13F data:

Critically, Mubadala continued buying through Bitcoin's ~23% drawdown in Q4 2025 and into further price weakness in early 2026, rather than reducing exposure . This counter-cyclical buying is a hallmark of long-term strategic allocation, not tactical trading. The combined Abu Dhabi holdings exceeded $1 billion at Q4 2025 prices, with the subsequent decline to ~$764 million driven primarily by Bitcoin's price drop — not by selling .

Why a Regulated ETF, Not Direct Bitcoin

Both funds chose BlackRock's spot Bitcoin ETF (IBIT) rather than holding bitcoin directly . This choice matters for several reasons that help explain how state-owned funds can gain crypto exposure:

• Regulatory compliance — A U.S. SEC-registered ETF (structured under the 1940 Act exemption for commodity-based trusts) fits within the same compliance and custody frameworks the funds use for other securities .
• Operational simplicity — No need to manage private keys, self-custody infrastructure, or crypto-native reporting. The fund can treat IBIT like any other equity holding.
• Liquidity and tracking — IBIT is the largest spot bitcoin ETF by assets under management, offering deep liquidity and tight tracking to bitcoin's spot price.

What This Reveals About Institutional Strategy

The Abu Dhabi position signals several shifts in how large, conservative state-owned funds approach Bitcoin:

• Bitcoin as a core strategic asset — IBIT is now the second-largest position in Mubadala's entire 13F portfolio, trailing only a longer-term stake in Arm Holdings . This signals that bitcoin is treated as a core allocation, not a speculative side bet.
• Buy-the-dip discipline — Accumulating through a 23% drawdown shows a belief in long-term asymmetric upside rather than short-term momentum .
• ETF-first path for sovereigns — The reliance on a regulated, branded product (BlackRock iShares) reduces governance risk and makes bitcoin exposure board-approvable for conservative state-owned funds. This likely paves the way for other sovereign wealth funds to follow the same playbook .
• Stacking over time, not lump-sum — The gradual, quarterly growth of the position (from ~8.7 million to ~14.7 million shares over six quarters) suggests a systematic dollar-cost-averaging mandate rather than a single tactical bet .

In short, Abu Dhabi's ~$764 million IBIT position is significant not just for its size but for its structure: a patient, counter-cyclical, ETF-based accumulation by a major state-owned fund — a template that other sovereign investors are now watching closely .