Mubadala Investment, one of Abu Dhabi’s sovereign wealth funds (SWFs), has purchased $436 million worth of shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT).
The price of Bitcoin briefly spiked to nearly $98,000 on the news, reaching an intraday high of $97,772, according to CoinGecko data.
Related
Former Binance CEO Changpeng Zhao has implied that other Abu Dhabi-based SWFs could follow suit.
Global implications
Bitcoin evangelist Anthony Pompliano believes that the purchase will bode well for the strategic reserve initiative in the U.S.
“Abu Dhabi’s sovereign wealth fund just revealed they are buying hundreds of millions of dollars in bitcoin and people still think the United States won’t buy bitcoin. The Strategic Bitcoin Reserve is happening,” Pompliano said on social media.
