Mubadala and Citadel Advisors have significantly increased their holdings in BlackRock’s Bitcoin ETF, demonstrating ongoing institutional interest in cryptocurrencies. As of March 31, Mubadala held 8.7 million shares worth $408 million, while Citadel’s stake grew to over 3 million shares valued at $147 million. Despite market volatility, major players continue to navigate crypto investments, though some, like the State of Wisconsin Investment Board, have divested their positions.
Recent filings from the SEC spotlight a notable increase in holdings for BlackRock’s Bitcoin ETF, also known as the iShares Bitcoin Trust (IBIT), thanks to investment giants Mubadala Investment Company and Citadel Advisors. This indicates that institutional interest in cryptocurrency remains robust, even amid fluctuating market conditions.
Mubadala Investment Company, the sovereign wealth fund from Abu Dhabi, ramped up its stake in BlackRock’s Bitcoin ETF, reaching 8.7 million shares valued at about $408 million as of March 31. This marks an increase from 8.2 million shares at the end of last year. However, the overall value has dipped from $436 million as share prices have fallen recently.
Data from Yahoo Finance shows that IBIT’s share price has slid from around $54 at the end of December to about $47 by March 31. As of Thursday, shares of the ETF closed just below $58. This decline in value hasn’t deterred major players from expanding their portfolios, it seems.
Meanwhile, Citadel Advisors has also grown its IBIT holdings, moving from around 1 million shares in December to more than 3 million by the first quarter of 2025 – worth about $147 million. They’ve also noted holding significant options contracts, reporting exposure to $676 million in call options and $366 million in put options tied to IBIT.
As these two firms pile on their investments, they join other notable institutional players, like Goldman Sachs and Avenir Group. However, the enthusiasm isn’t universal; the State of Wisconsin Investment Board recently divested its entire $321 million portfolio in the Bitcoin ETF, although it still maintains nearly $19 million in Coinbase stock.
Looking deeper, Millennium Management, previously the largest holder of IBIT, reported a decline in its shares to approximately 17.5 million as of March 31, worth around $823 million—down from the previous 29.8 million shares valued at $1.5 billion. Their latest filing also indicated options linked to IBIT, revealing $11.5 million in call options and $12.5 million in put options.
Despite fluctuations in share counts, Millennium remains firmly among IBIT’s top shareholders. Current data from Fintel positions them as the second-largest institutional holder behind Goldman Sachs, with Citadel Advisors following in third place, alongside other notable investors like Capula Management and D.E. Shaw & Co.
