The race for wealth funds around the world to scoop up Bitcoin may finally be on.
Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company, revealed itself to be the seventh largest holder of shares in BlackRock’s Bitcoin ETF, according to a new 13-F filing.
According to Abra founder and CEO Bill Barhydt, that could potentially trigger others to potentially increase allocations this quarter.
“Basically what they’re saying is … ‘we accept Bitcoin as an asset,'” he told Coinage on Monday, speculating that other sovereign wealth funds could potentially follow suit. “I wouldn’t be shocked if Norway and Singapore didn’t also [buy Bitcoin.]”
Back in the U.S., Elon Musk was seemingly laying the ground work for a potential push into justifying a Atrategic Bitcoin Reserve. He shared a meme on X Monday joking about what he might find if the Department for Governent Efficiency were to audit Fort Knox for the county’s gold reserves. “This gold is the property of the American people. I sure hope it’s still there!” Musk wrote.
Strategy CEO Michael Saylor responded saying, “Bitcoin fixes this.”
For his part, Barhydt was skeptical that much progress might be made this quarter in the U.S. advancing any meaningful recommendations to acquire more Bitcoin.
“The U.S. is going to at least at a minimum hold on to the Bitcoin we have,” he said. “You know we’re going to try to buy more, but I think it’s going to be harder than people think.”
President Trump’s working group is expected to make an official recommendation on digital assets some time in the next few months.
