Isabella García
Mubadala Investment Company, one of Abu Dhabi’s leading sovereign wealth funds, has expanded its exposure to Bitcoin through BlackRock’s iShares Bitcoin Trust (IBIT), according to its latest 13F filing with the U.S. Securities and Exchange Commission.
During the first quarter of 2025, Mubadala purchased an additional 491,439 shares of IBIT, bringing its total holdings to 8,726,972 shares as of March 31. The newly added shares are currently worth approximately $28.8 million.
Although the number of shares increased, the total dollar value of the fund’s IBIT holdings declined to $408.5 million from $436.9 million at the end of Q4. This decline reflects a drop in IBIT’s market price during the quarter. However, with Bitcoin trading above $103,500, the position is now estimated to be worth around $512 million.
BlackRock’s IBIT Dominates the Bitcoin ETF Market
IBIT remains the leading player in the U.S. spot Bitcoin ETF space. Since launching in January 2024, the ETF has accumulated over $65.4 billion in assets under management, with net inflows surpassing $45.5 billion, based on data from PRIME’s ETF Tracker.
IBIT closed slightly lower on Thursday, finishing at $58.67, while Bitcoin’s current price hovers at $103,525.
What 13F Filings Reveal — and Don’t
13F filings, required by the SEC, give investors a quarterly look at the equity holdings of institutional investment managers managing over $100 million. However, these reports only cover long positions in U.S. stocks and equity options, omitting shorts and many derivatives. As a result, they offer only a partial view of a manager’s overall portfolio.
More Institutions Reveal Bitcoin ETF Exposure
Mubadala isn’t alone in its bullish stance on Bitcoin:
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Avenir, a Hong Kong-based firm and Asia’s largest Bitcoin ETF holder, revealed it owned 14.7 million IBIT shares worth $691 million as of March 31, up from 11.3 million shares at the end of December.
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Citadel Advisors significantly increased its IBIT stake to 3.1 million shares, from 1.1 million in Q4. The firm also boosted its exposure to other U.S. spot Bitcoin ETFs, including Fidelity’s FBTC, Bitwise’s BITB, and Franklin Templeton’s EZBC, alongside spot Ethereum ETFs via Grayscale and BlackRock.
Unlike Mubadala, Citadel appears to be acting as a sub-advisor, suggesting these holdings are managed on behalf of other clients rather than its own discretion.
State of Wisconsin and Other Institutions Adjust Exposure
The State of Wisconsin Investment Board reported it had fully exited its $321 million IBIT position by the end of Q1, despite being among the first major public institutions to adopt Bitcoin ETFs.
Meanwhile, Millennium Management, once the largest IBIT holder, reduced its stake from 29.8 million shares (worth $1.5 billion) in Q4 to 17.5 million shares ($823 million) in Q1.
Still, Goldman Sachs currently holds the largest position, owning 30.8 million IBIT shares valued at roughly $1.4 billion, according to data from Fintel.
Bitcoin ETF Adoption Continues Despite Market Fluctuations
Institutional trading analyst MacroScope noted on X that position changes often reflect portfolio rebalancing or profit-taking and not a shift in long-term conviction. He added:
“Wisconsin’s initial investment helped legitimize Bitcoin as an asset class among conservative, high-profile institutions like pension funds and endowments — a message that remains intact.”
Institutions like Brown University, Emory University, and the State of Michigan also disclosed Bitcoin ETF positions in their latest filings. Notably, Wisconsin added to its positions in MicroStrategy and Coinbase, indicating continued confidence in Bitcoin-related investments.
