Abu Dhabi-based investment firm Alwarda has significantly increased its holdings in BlackRock’s iShares Bitcoin Trust (IBIT) to 8,218,712 shares, marking a substantial rise compared to the previous quarter. This move continues a strategy initiated earlier this year to rapidly expand its investment in Bitcoin ETFs. Operating under the Abu Dhabi Investment Council (ADIC), which is part of the UAE’s prominent Mubadala investment company, Alwarda has traditionally favored private investments in public assets. However, its recent focus on a U.S.-listed Bitcoin ETF reflects a shift in institutional investment strategies within the Gulf region. An ADIC spokesperson noted that Bitcoin is now viewed as a long-term investment akin to gold, especially as financial markets move toward a digital future. This investment comes amid notable volatility in Bitcoin prices, which peaked in October and saw a sharp decline in November, with current prices hovering near $67,000. Meanwhile, other institutions such as Goldman Sachs, Fidelity, the state of Texas, and Harvard University have also increased or adjusted their crypto asset positions, highlighting the growing importance of cryptocurrencies in global institutional portfolios. These developments indicate that Bitcoin and other cryptocurrencies are playing an increasingly significant role in the investment landscape, with their market presence expected to strengthen further in the future.
Source: bitcoinmagazine
