New archives show that the ABU Dhabi sovereine Wealth Fund has collected hundreds of millions of dollars in BlackRock’s Bitcoin (BTC) Exchange-Traded Fund (ETF).
According to new files at the US Securities and Exchange Commission (SEC), the Wealth Fund has stored around $ 455 million on the Ishares Bitcoin Trust ETF (IBIT) of the Asset Management Giant.
The power fund of the United Arab Emirates (VAE) was established in 1976 to promote economic stability and prosperity for the nation. In December, Reuters reported That the Fund became the world’s top view of the power fund and passed Saudi Arabia.
Since the launch in January 2024, IBIT has become the largest ETF in market capitalization based on the Digital Activum flagship. In November it turned out that Ibit exceeded his gold counterpart in terms of net assets, despite the fact that BlackRock’s Gold ETF launched almost two decades earlier.
According to a recent Bloomberg report, BlackRock obtained its commercial license last year to operate in Abu Dhabi and said that this did this to work closer with sovereign power funds, asset managers and investment vehicles in the area.
As mentioned by Charles Hatami, head of the middle -east for BlackRock, to Bloomberg,
“Abu Dhabi is quickly converted into a worldwide financial center. The strategic location, proactive government policy and dedication to sustainable growth make it an ideal location for capital markets. “
IBIT acts for $ 55.41 at the time of writing, an increase of 1.2% during the last 24 hours.
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Generated image: midjourney