In a delightful turn of events, a rather audacious filing surfaced from the United States Securities and Exchange Commission—like a well-timed witticism at a drab dinner party. It appears that Abu Dhabi’s sovereign wealth fund, with all its worldly riches, has decided to court BlackRock’s illustrious spot Bitcoin ETF (exchange-traded fund). A rather rousing romance began in the final quarter of 2024, right after our dear BlackRock snagged the coveted commercial license to operate in the hallowed halls of Abu Dhabi last November. 🍾
Sovereign Wealth Fund Stakes its Claim In the Grand Bitcoin Theatre
On the charming day of February 14th—a date reserved for lovers, and apparently for investment enthusiasts—a 13F filing uncovered that Mubadala Investments, enamored with BlackRock’s glittering Bitcoin ETF shares (with the rather poetic ticker IBIT), splurged a staggering $436.9 million. One can’t help but admire Mubadala, a stalwart in Abu Dhabi’s sovereign might, making investments more romantic than a sonnet sung under the moonlight. 🎭
In this year of 2024, as the world’s largest asset manager, BlackRock—a veritable giant managing more cash than a spoiled aristocrat—set its sights on expanding its empire in the Middle East, focusing on the enthralling cities of Abu Dhabi and Riyadh. The recent $437 million purchase of its intoxicating Bitcoin ETF merely highlights BlackRock’s desire to waltz hand-in-hand with sovereign wealth funds across the region. 💃🏻
Now, allow me to entertain you with the remarkable fact that this acquisition is but a mere dalliance in the grand ball of cryptocurrencies for Abu Dhabi’s illustrious government. In 2023, they were already seducing fate with the Abu Dhabi Developmental Holding Company and Marathon Digital, unveiling plans to launch digital asset mining right in their splendid capital.
State Of Wisconsin—A Humorous Grab at $321 Million Bitcoin ETF-Style
As fortune would have it, BlackRock’s Bitcoin ETF has captured the whimsy of domestic admirers across the pond as well. On that fateful Friday, the State of Wisconsin Investment Board—a title that assuredly rolls off the tongue—decided to further entangle itself in the ultimate digital currency through this very exchange-traded fund.
According to their latest flirtation with the SEC, Wisconsin’s pension fund now boasts around $321 million in spot Bitcoin ETFs. A rather impressive doubling of its holdings from an erstwhile $164 million in BTC ETF holdings, reported back in May 2024. How delightfully cheeky! 😏
In their opening act, the Wisconsin pension fund held approximately 2.4 million shares of BlackRock’s iShares Bitcoin Trust (worth a riveting $100 million) and another million of Grayscale’s Bitcoin Trust (valued at $64 million). Yet, in a twist worthy of a farcical comedy, they’ve decided to entirely swap the Grayscale for a singular, thrilling venture in BlackRock’s exchange-traded extravaganza. Clearly, they prefer to put all their eggs—err, coins—in one delectable basket!
One must chuckle at the fact that Bitcoin’s value has swelled by nearly 70% since May 2024. At the moment, our beloved cryptocurrency sits regally at approximately $97,250, reflecting a modest 1% rise in the past 24 hours. According to the ever-reliable bards at CoinGecko, our darling Bitcoin has risen by an impressive 90% over the past year. Talk about dramatic flair! 🎉
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2025-02-16 10:13