While retail traders have been cooling on crypto, the big money is moving in the opposite direction. Sovereign wealth funds — state-owned investment vehicles controlling over $13 trillion globally — have been accumulating spot Bitcoin.
MidChains CEO Basil Al Askari confirmed the trend on Cointelegraph’s “Chain Reaction” podcast Monday. “I would be able to confirm that at least one, and possibly in the coming weeks two, sovereign wealth funds have been accumulating spot Bitcoin specifically,” he said.
Al Askari, who runs the Abu Dhabi-based regulated crypto trading platform, described the current price level as an “entry point” for mega funds with the patience to accumulate over time. It won’t cause an immediate price spike, but it sends a powerful signal to other institutions sitting on the sidelines.
“It sends a very clear signal to other institutions that may be sitting on the sidelines and looking at these larger funds as leaders,” Al Askari said. He expects Bitcoin to become increasingly scarce as large holders with long-term horizons keep accumulating.
It’s not just talk. Abu Dhabi’s Mubadala Investment Company put $437 million into Bitcoin via BlackRock’s iShares Bitcoin Trust in February 2025. Bhutan’s Druk Holding has been a direct sovereign holder for years, though it’s been trimming some positions in 2026.
The institutional buying comes even as U.S. spot Bitcoin ETFs have seen over $4.1 billion in outflows this month. Corporate treasuries — led by Strategy’s 3,657 BTC purchase in June — continue to accumulate.
