Even the Richest Have Bought Bitcoin: State-Backed 430 Million from Abu Dhabi! - Coin Bulletin

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Abu Dhabi's sovereign wealth fund Mubadala announced a purchase of $436.9 million from BlackRock's spot Bitcoin ETF.

Abu Dhabi, through the state fund Mubadala, reinforced the region's interest in digital assets by making a $436.9 million purchase from BlackRock's spot Bitcoin ETF in the first quarter of 2024, in addition, Mubadala disclosed the assets of iShares Bitcoin ETF in the report.

The state-backed fund Mubadala of Abu Dhabi once again highlighted its interest in the Middle East's crypto market with this investment. The fund, which makes investments on behalf of the emirate's government, also reinforced its confidence in Bitcoin and blockchain technology with this move.

The period when the investment took place coincided with BlackRock's official approval to operate in Abu Dhabi, showing that this development indicates increasing acceptance of digital assets in the region's financial markets.

Mubadala's move to invest in Bitcoin ETFs on such a large scale could encourage other major institutional investors to take similar steps.

According to CoinGecko data, Bitcoin is currently trading at $97,546 at the time of writing.

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