On August 15, 2025, recent filings with the U.S. Securities and Exchange Commission (SEC) revealed quiet but strategic moves toward Bitcoin exchange-traded funds (ETFs) by Wells Fargo and sovereign wealth funds in Abu Dhabi.
Wells Fargo significantly expanded its investments in the BlackRock Bitcoin exchange-traded fund (IBIT), with holdings increasing more than fourfold during the second quarter of the year, amounting to up to $160 million, in a move considered a major boost for Bitcoin ETFs. The bank also invested in smaller funds such as ARK Invest/21Shares, ETFS Bitwise, CoinShares/Valkyrie, Fidelity, and VanEck, along with allocations to instant Ethereum funds. These moves indicate growing interest from financial institutions in cryptocurrencies and expanding their exposure to this asset class as a strategic asset.
For its part, the sovereign wealth funds in Abu Dhabi maintained their large positions in Bitcoin exchange-traded funds, with filings showing that Mubadala holds 8.7 million shares of IBIT worth $534 million, while Al Ward Investments holds 2.4 million shares worth $147 million, bringing total holdings to $681 million unchanged since May.
Julia Abie, an analyst and growth manager in the Web3 sector, said: "Diamond hands at the national level," referring to the strategic accumulation by major financial institutions.
Wells Fargo's aggressive moves reflect a desire to capitalize on rising prices or a strategic hedge, while Abu Dhabi's steadfast positions demonstrate a long-term commitment to a belief in Bitcoin as a global strategic asset.
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