The race for sovereign wealth funds to invest in Bitcoin appears to be gaining momentum, with Abu Dhabi’s Mubadala Investment Company emerging as a major player.
A recent 13-F filing revealed that Mubadala is now the seventh-largest shareholder in BlackRock’s Bitcoin ETF. This move could signal a broader shift among global wealth funds, according to Abra founder and CEO Bill Barhydt.
“Basically, what they’re saying is … ‘we accept Bitcoin as an asset,’” Barhydt told Coinage on Monday. He speculated that other sovereign wealth funds, including those from Norway and Singapore, might follow suit.
Meanwhile, in the U.S., Elon Musk appeared to hint at a potential push for a strategic Bitcoin reserve. On Monday, he posted a meme on X questioning the integrity of Fort Knox’s gold reserves. “This gold is the property of the American people. I sure hope it’s still there!” Musk wrote.
MicroStrategy CEO Michael Saylor responded, stating, “Bitcoin fixes this.”
However, Barhydt remains skeptical about significant progress in the U.S. toward Bitcoin adoption at the government level this quarter.
“The U.S. is going to at least hold on to the Bitcoin we have,” he said. “We’re going to try to buy more, but I think it’s going to be harder than people think.”
Meanwhile, President Trump’s working group is expected to release an official recommendation on digital assets in the coming months.
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