Abu Dhabi’s Al Warda Investments Triples Bitcoin Etf Holdings To $518M

What Happened

Al Warda Investments, an investment arm under the Abu Dhabi Investment Council (ADIC), sharply increased its exposure to Bitcoin in the third quarter, more than tripling its position in BlackRock’s iShares Bitcoin Trust (IBIT).

Al Warda Investments boosted its IBIT holdings by 230%, lifting its Bitcoin ETF exposure to $517.6 million.

ADIC, part of Mubadala Investment Co., one of Abu Dhabi’s leading sovereign-wealth groups, rarely makes public bets in listed digital assets, typically leaning toward private market strategies such as buyouts, infrastructure, and real estate.

IBIT recorded its largest single-day outflow on Nov. 18 since launching in January 2024. It saw its first net inflow in over a week on Wednesday, suggesting cautious interest is returning despite market turbulence.

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Market Context

Despite recent volatility and ETF outflows, ADIC says it now views Bitcoin as a long-term store of value alongside gold.

ADIC’s Bitcoin ETF Move Signals Shift From Private Markets

However, the sector has not been immune to price volatility. The 30% drop in bitcoin from its October high has weighed on ETF sentiment.

Why It Matters

The spokesperson added that ADIC expects to hold both gold and bitcoin as part of its strategy across different time horizons.

Kenneth Rogoff, a Harvard professor and former chief economist of the International Monetary Fund, stated in 2018 that Bitcoin would more likely trade at $100 than $100,000 within a decade.

Details

Key Takeaways:

The move marks a strategic shift for ADIC, which rarely takes public positions in digital assets.

The firm disclosed a 230% jump in holdings to just under 8 million shares, valued at $517.6 million, according to a recent SEC filing.

The move came as bitcoin approached its October peak near $126,000 before retreating below $90,000 in November.

Its decision to scale up exposure to bitcoin through a US ETF marks a notable shift in institutional positioning within the region.

A spokesperson for ADIC told Bloomberg that bitcoin is increasingly viewed as a long-term store of value.

“We view bitcoin as a store of value similar to gold, and as the world continues to move toward a more digital future, we see bitcoin playing an increasingly important role alongside gold,” the spokesperson said, noting that both assets serve as anchors for portfolio diversification.

The move by Al Warda aligns with a broader wave of institutional allocators entering or expanding their positions in spot bitcoin ETFs.

Harvard Reveals $443M Bitcoin ETF Bet

Harvard’s endowment fund recently disclosed a $443 million IBIT allocation, accounting for roughly 20% of its reported U.S. equity exposure.

The move represents one of the most significant institutional endorsements of Bitcoin exposure among elite university endowments, ranking Harvard as the 16th-largest holder of the BlackRock-managed fund.

The latest 13F filing shows Harvard increased its stake from 1.9 million shares reported in June, while simultaneously growing its gold ETF holdings by 99% to 661,391 shares worth $235 million.

Bloomberg ETF analyst Eric Balchunas noted the rarity of top-tier endowments purchasing ETFs, calling it “as good a validation as an ETF can get.“

Harvard’s substantial Bitcoin allocation stands in contrast to earlier predictions from its own economics faculty.