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SWIB Sells All Holdings in IBIT in Q1
The Abu Dhabi Sovereign Fund Chooses to Increase Its Holdings
IBIT Remains at a Peak of Net Inflows, No Signs of Sell-off
According to the latest filing documents, SWIB has completely sold its holdings of 6,060,351 shares of iShares Bitcoin Trust (IBIT), which is estimated to be worth approximately $356 million at current market prices.
It is noteworthy that SWIB was one of the first state-level pension funds to allocate to a spot Bitcoin ETF in the first quarter of 2024, the same quarter that the Bitcoin ETF was launched, with an investment amount of $164 million. By the end of 2024, SWIB’s total asset size was $166 billion, and its originally held Bitcoin ETF position accounted for only about 0.2%.
However, while SWIB chose to exit, the Abu Dhabi Sovereign Wealth Fund (Mubadala) increased its holdings in IBIT during the same quarter. According to its latest 13F filing, Mubadala purchased an additional 491,439 shares of IBIT in Q1, raising its total holdings to 8,726,972 shares, which is estimated to be worth about $512 million at current prices.
Despite some institutions choosing to take profits, the overall inflow of funds into IBIT continues to be strong. According to data from Farside Investors, as of May 14, IBIT’s cumulative net inflow since its issuance has surpassed $45 billion, with a net inflow of $233 million on that day.
Although there was a rare instance of zero net inflow on May 13, IBIT has not seen any outflows for over five consecutive weeks since April 9, demonstrating the market’s high recognition of it. Currently, IBIT’s total inflow leads its competitors, with Fidelity Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARK) following behind at $11.6 billion and $2.7 billion, respectively.