It’s been widely reported that Mubadala Investment Co recently made a significant investment in Bitcoin via BlackRock’s iShares Bitcoin Investment Trust (IBIT), according to a filing with the SEC. It has also been noted that the investment by the Abu Dhabi sovereign wealth fund roughly coincided with BlackRock receiving a commercial license to operate in Abu Dhabi. On the face of it, this appears to be just another investment. But a tiny bit of analysis shows it is significant, even for the sovereign wealth fund.
Bitcoin is the fund’s second largest investment, by quite a big margin. The next largest holding is a longer term one in ARM worth $182 million.
The total value of the fund at the end of last year was $20.4 billion, so Bitcoin represents just over 2% of the total value. However, the fund’s largest investment in semiconductor firm GlobalFoundries is valued at $19.3 billion. Mubadala owns more than 80% of the firm.
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