Abu Dhabi's Sovereign Wealth Fund & Harvard Are Doubling Down on Digital Assets

In Q4 2025, Abu Dhabi's sovereign wealth fund and associated investment company reportedly increased its holdings of spot Bitcoin ETF shares. This trend toward digital asset exposure is gaining momentum, with Harvard University also reporting increased investment exposure to crypto in its latest quarterly SEC filings this week.

TL;DR

• Abu Dhabi's sovereign wealth fund and its associated investment wing hold over $800 million in Spot Bitcoin ETF shares.

• Harvard's management company increased its exposure to Bitcoin and Ethereum through spot ETF positions. 

Abu Dhabi's Sovereign Wealth Funds Reportedly Hold Over $800 Million in Bitcoin ETFs 🇦🇪

Abu Dhabi's Sovereign Wealth Fund structure currently manages an estimated $1.7 trillion in assets.  

Composed of the Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company (MIC), and Abu Dhabi Developmental Holding Company (ADQ), it became the center of attention in the Bitcoin community when it announced exposure to spot Bitcoin ETFs in late 2024. 

This week, we saw in its latest filings that the Mubadala Investment Company and Al Warda Investments (which is part of the Abu Dhabi Investment Council) increased their BlackRock iShares (IBIT) positions.

In total, they reportedly hold over 20.9 million shares as of December 2025. 

Taking a closer look, the positions are split as follows: 

• 12.7 million shares in the Mubadala Investment Company (a 46% increase from September 2025). 

• 8.2 million shares in Al Warda Investments (a 3.21% increase from September 2025). 

At the close of last year, the fund and company held over $1 billion in Bitcoin ETFs. With Bitcoin's price falling below $70,000, that now represents around $800 million in BTC. 

Mubadala, with assets under management exceeding USD 330 billion, oversees a wide-ranging global portfolio. This includes investments in technology, healthcare, infrastructure, and both private and public equity. 

The fund's primary objective is to deliver sustainable returns to the Government of Abu Dhabi, thereby contributing to economic diversification beyond the oil sector.

With its increase in Bitcoin holdings, both the fund and investment company seem to be doubling down on Bitcoin for the long term. 

That's not just me saying this.

Robert Mitchnick, BlackRock's head of digital assets, supports the view that IBIT holders are long-term investors. 

He recently stated on a panel that the firm's observations don’t align with the mistaken belief that hedge funds using ETFs are responsible for market volatility and significant selling pressure.

The Harvard Management Company Increased Its Digital Assets Exposure Through ETFs 👀

Speaking of exposure to ETFs, we also had some news this week from Harvard. 

Just like Abu Dhabi’s Sovereign Wealth Fund, the prestigious university in Massachusetts made waves last year when its management company announced exposure in spot Bitcoin ETFs. Up until last quarter, it held 6.81 million shares in BlackRock’s iShares Bitcoin ETF (IBIT). 

In its latest 13F filing with the SEC, the university disclosed that it reduced its Bitcoin exposure by 21% to 5.35 million shares. 

While doing so, it also disclosed that it purchased 3.87 million shares in BlackRock’s iShares Ethereum Trust ETF (ETHA) as of December 31. 

Overall, their combined spot digital-asset ETF exposure at quarter-end was just over $352M, with Bitcoin exposure the larger of the two positions. 

According to The Harvard Crimson, Harvard’s investment strategy has drawn criticism from academic observers. 

Andrew F. Siegel, emeritus professor of finance at the University of Washington, described the endowment’s Bitcoin investment as risky, pointing to a 22.8% decline year-to-date and arguing that Bitcoin’s risk stems in part from its lack of intrinsic value.

The intrinsic value argument comes up frequently and is unlikely to ever go away, but what can you do?

Given that Harvard has already invested in Bitcoin and, for that matter, Ethereum, I believe you could argue that some people there see intrinsic value in digital assets. 

What they now need to learn is how to deal with the price swings and public pushbacks if things don’t look as rosy as when we’re near an all-time high.

But that will come in due time. Until then, let’s see if there will be an increase in Bitcoin exposure in the next filing.

Elsewhere in Bitcoin 📖

A quick look at what else has been happening in Bitcoin: 

• 50,773 BTC have reportedly been sent to exchanges in the last 15 days 

• U.S. Treasury urges Congress to pass important crypto legislation

• Brazil Congress members reintroduce the one million Bitcoin reserve bill

• Jane Street reportedly bought 7,105,206 shares of IBIT and holds shares worth $790 million

• Coinbase CEO says that all ETFs are backed with BTC amidst Paper Bitcoin claims

Your fellow stacker in sats, 

Patrick Lowry

PS: Connect with me up on X if you want to hear more of my thoughts on Bitcoin and digital assets.

Disclaimer: The opinions expressed in this newsletter are solely those of the author and do not necessarily represent the views of any associated company. This newsletter is for educational and informational purposes only and should not be construed as investment, financial, or any other professional advice. Investing in cryptocurrencies is highly speculative and carries a significant risk of substantial financial loss, so you must conduct your own thorough research and consult with independent professional advisors before making any decisions.