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ZyCrypto 2025-02-15 18:18:10

“The Race War Is On” Asserts Senator Lummis as UAE Pumps Over $4 Million Into Bitcoin ETF

“The Race War Is On” Asserts Senator Lummis as UAE Pumps Over $4 Million Into Bitcoin ETF

As the global war race on Bitcoin continues to heat up, another major U.S. competitor for Bitcoin’s superiority has emerged. According to a Friday filing with the U.S. SEC, the United Arab Emirates (UAE), through its sovereign wealth fund Mubadala Investment Company, invested approximately $436.9 million in BlackRock’s IBIT during the fourth quarter of last year, further intensifying the battle for dominance in the digital asset space. This move coincided with the company securing a commercial license to operate in Abu Dhabi, highlighting the growing institutional interest in Bitcoin within the Gulf nation. While BlackRock’s IBIT remains the largest Bitcoin spot fund by assets under management, currently holding around $57.46 billion, Mubadala is now the seventh largest investor. Notably, this latest investment from Abu Dhabi is not the country’s first foray into Bitcoin . In 2023, authorities in the city made substantial investments in Bitcoin mining, demonstrating a broader strategy to integrate digital assets into their financial ecosystem. Reacting to this development, U.S. Senator Cynthia Lummis, a staunch Bitcoin advocate, tweeter, “ I told you the race was on. It’s time for America to win.” Lummis, who has been vocal about the need for the U.S. to enhance its Bitcoin strategy, has previously warned of a potential “crypto arms race” with nations like China and the UAE, consistently pushing for policies that would ensure the U.S. remains at the forefront of financial innovation and security. In a Friday interview with Bitcoin Magazine, Lummis detailed a proposal that would see the U.S. establish a strategic Bitcoin reserve. Under this plan, the government would accumulate 200,000 Bitcoin annually over five years, eventually holding a total of one million Bitcoin. This reserve, she argues, could be leveraged to stabilize the U.S. dollar as the world’s reserve currency, ultimately strengthening America’s economic position. “This asset is transforming not only our country but our world, and the United States needs to be the Global leader, as President Trump just said,” said Lummis. The UAE isn’t the only nation challenging the U.S. in the Bitcoin race. On Friday, British multinational bank Barclays also disclosed its investment in IBIT, holding approximately 2.5 million shares valued at $131.2 million. Goldman Sachs remains the largest institutional investor in IBIT, with around $1.3 billion in holdings. The investment bank has also invested $294 million in Fidelity’s Bitcoin ETF (FBTC), bringing its total exposure to over $1.6 billion.

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