Abu Dhabi Mines Coins, Buys Wrappers
Abu Dhabi sovereign entities are simultaneously holding BlackRock's Bitcoin ETF and expanding direct BTC mining, pursuing dual exposure models.
New Q2 SEC filings show Abu Dhabi's Mubadala and Al Warda Investments (an Abu Dhabi Investment Council vehicle) holding a combined ~$764 million in BlackRock's spot bitcoin ETF — positions held through the drawdown after peaking above $1 billion at end-2025 prices. Separately, on-chain analysis attributes roughly 7,000 mined bitcoin to Citadel Mining, tied to Abu Dhabi's Royal Group. Mubadala has added to IBIT every quarter since Q4 2024.
Abu Dhabi's BTC: they mine it, then they rent it back
Abu Dhabi earns its bitcoin the hard way — on-chain analysis ties roughly 7,000 coins to Citadel Mining, an arm of the emirate's Royal Group. Mined since 2022, mostly retained. Not seized like America's pile. Earned.
Yet when the emirate's sovereign funds wanted bitcoin, they didn't take coins. Mubadala and Al Warda hold about $764 million of BlackRock's ETF — a share that says BlackRock holds the coin for you. They've added every quarter since 2024 and held straight through this bear.
Same emirate, two models: one arm holds its own keys, the money managers choose the wrapper. When even a government that mines its own bitcoin parks its portfolio in someone else's vault, you're seeing the pull of the wrapper measured precisely. The easy path is custody — even for a state.
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3 sources
- Abu Dhabi Sovereign Wealth Funds Keep Big Bitcoin Positions · bitcoinmagazine.com · T2
- Abu Dhabi’s Mubadala and Investment Council hold $763.7 million in BlackRock Bitcoin ETF · en.coin-turk.com · T2
- UAE sovereign funds hold $764M in BlackRock’s Bitcoin ETF, SEC filings reveal · cryptobriefing.com · T2