Mubadala Investment Company, one of Abu Dhabi's largest sovereign wealth funds, increased its holdings in BlackRock's Bitcoin ETF, reaching a total of 8,726,972 shares in the first quarter of 2025. Despite a market decline to $408 million, recent gains elevated the portfolio value to $512 million. Avenir, a Hong Kong-based investment firm, also became a major investor in IBIT with 14.7 million shares.