Abu Dhabi-based Al Warda Investments significantly expanded its exposure to bitcoin during the fourth quarter of 2025 through BlackRock’s iShares Bitcoin Trust (IBIT), continuing a strategic shift initiated earlier in the year. A recent filing revealed that Al Warda held 8,218,712 shares of IBIT by December 31, 2025, an increase from 7,963,393 shares recorded at the close of the third quarter. This latest surge follows a substantial build-up in Q3, during which the firm more than tripled its stake, elevating its bitcoin ETF exposure to an impressive $517.6 million.

Al Warda Investments operates under the umbrella of the Abu Dhabi Investment Council (ADIC), which is a key part of Mubadala Investment Co., one of the leading sovereign wealth groups in the region. Traditionally, ADIC has shown a preference for private market investments, such as buyouts, infrastructure, and real estate, and has rarely made public disclosures regarding positions in listed digital assets. This growing allocation to a U.S.-listed bitcoin ETF therefore signals a notable evolution in institutional investment strategies within the Gulf region. A spokesperson for ADIC had previously informed Bloomberg that bitcoin is increasingly recognized as a long-term store of value, akin to gold, and is valued for its role in portfolio diversification as global financial markets trend towards a more digital future.

The increase in Al Warda’s Q4 holdings occurred amidst volatile movements in the cryptocurrency market. Bitcoin had surged to an October 2025 peak nearing $126,000 before experiencing a retreat to below $90,000 in November 2025. Currently, bitcoin is trading near $67,000, reflecting the dynamic nature of the digital asset market.

Beyond Al Warda, other major institutions have also demonstrated a growing interest in bitcoin, primarily through IBIT. Last week, investment banking giant Goldman Sachs disclosed a total crypto exposure of approximately $2.36 billion. A significant portion of this, $1.1 billion, was allocated to IBIT, indicating a clear departure from its historical skepticism regarding bitcoin. Goldman Sachs’ filings also indicated smaller positions in Fidelity’s Bitcoin fund, various bitcoin-related companies, and options linked to IBIT, alongside broader exposure to other prominent cryptocurrencies such as Ethereum, XRP, and Solana.

Furthermore, the state of Texas made headlines in November of last year by becoming the first U.S. state to purchase Bitcoin for its Strategic Reserve. The state acquired $5 million worth of IBIT shares, valuing bitcoin at approximately $87,000 per BTC, through BlackRock’s iShares Bitcoin Trust. This acquisition came as Texas progresses with plans for self-custody of its digital assets. The state had earlier explored legislative avenues to establish a strategic Bitcoin reserve without utilizing taxpayer funds, culminating in the governor signing a law in June to officially create the state’s Strategic Bitcoin Reserve.

Harvard University also rebalanced its crypto investment portfolio during the fourth quarter of 2025. The institution reduced its Bitcoin position by 21%, bringing its holdings to 5.35 million IBIT shares, valued at $265.8 million. Simultaneously, Harvard established a new stake of $86.8 million in BlackRock’s iShares Ethereum Trust, diversifying its digital asset exposure. Despite the adjustment, Bitcoin remained the endowment’s largest publicly disclosed equity within its combined crypto exposure, which totaled $352.6 million.