Abu Dhabi’s Mubadala Sovereign Wealth Fund has taken a bold step into the Bitcoin market, investing $436 million in US-listed spot Bitcoin exchange-traded funds (ETFs).

This acquisition, revealed in a February 14 filing with the SEC, highlights the national fund’s growing interest in digital assets.

Abu Dhabi’s Mubadala Becomes Seventh-Largest Holder of BlackRock’s Bitcoin ETF

Mubadala’s filing shows that its investment was directed at BlackRock’s iShares Bitcoin ETF (IBIT), securing over 8.2 million shares in the fourth quarter of 2024. This marks a fresh position for the fund, as no previous holdings of IBIT were reported in earlier filings.

Following this acquisition, Bloomberg ETF analyst James Seyffart noted that Mubadala now ranks as the seventh-largest known holder of IBIT.

The fund joins an elite list of institutional investors, trailing major firms such as Goldman Sachs, Millennium Management, and Symmetry Investments.

Meanwhile, Binance founder Changpeng Zhao noted that Mubadala is only one of Abu Dhabi’s sovereign wealth funds. He suggested that other state-backed investment entities might also have exposure to Bitcoin ETFs.

Market observers also pointed out that Mubadala’s investment aligns with the UAE’s broader push to establish itself as a leading blockchain and digital asset innovation hub. Over the years, Abu Dhabi has positioned itself as a prime destination for firms looking for supportive investment conditions.

This has resulted in the introduction of progressive regulations that have attracted major industry players seeking a crypto-friendly jurisdiction.

The Global Bitcoin Adoption Race

Mubadala’s investment reflects a growing trend among global institutions seeking Bitcoin exposure.

This shift comes as policymakers consider the potential for a strategic crypto reserve. Some in the US government have suggested that Bitcoin could be part of this initiative.

US Senator Cynthia Lummis underscored the significance of Mubadala’s development, suggesting that a global race for Bitcoin exposure was unfolding.

“I told you the race was on. It’s time for America to win,” Lummis wrote on X (formerly Twitter).

The lawmaker has introduced the Bitcoin Act of 2024, proposing the creation of a US Bitcoin reserve. The plan involves selling a portion of the government’s gold holdings to fund the purchase. If enacted, it would secure 1 million Bitcoin, roughly 5% of the total supply.

While the federal government’s stance remains uncertain, several US states have taken independent steps to integrate Bitcoin into their financial policies. Over 20 states have either proposed or enacted legislation to facilitate cryptocurrency investments.

Industry leaders view these developments as a sign of a global race for Bitcoin adoption. Satoshi Act Fund CEO Dennis Porter emphasized that US states are driving this shift. Considering this, analysts expect the country to emerge as a leading pro-Bitcoin nation.

Mantra (OM) price has skyrocketed more than 35% in the last 24 hours, reaching a new all-time high above $7. With this surge, OM’s market cap has climbed to $7.3 billion, surpassing ONDO as one of the largest Real-World Assets (RWA) tokens.

Trading volume has also exploded, increasing by 455% to $851 million, signaling heightened market interest. As momentum builds, key technical indicators suggest that OM’s uptrend remains strong but not yet at extreme levels.

OM ADX Shows the Uptrend Is Strong, But Still Not Extreme

Mantra, one of the biggest projects in the RWA ecosystem, rallied over 90% in the past 30 days.

ADX has surged to 24.8 from yesterday’s 12.9, marking a significant increase in trend strength. This sharp rise indicates that OM’s current uptrend is gaining traction, with growing momentum behind its price movement.

A strengthening ADX suggests that buyers are becoming more dominant, reinforcing the trend and making it more likely to sustain in the short term. If this momentum continues, it could attract more traders looking to capitalize on the strengthening trend.

The ADX is a key indicator that measures trend strength on a scale where values below 20 indicate weak or non-trending conditions, while readings between 20 and 40 suggest a solidifying trend. With OM ADX currently at 24.8, the trend is strengthening but has not yet reached extreme levels.

If the ADX continues to rise, it could confirm even stronger bullish momentum, potentially leading to more aggressive price movements. However, if the ADX starts to flatten or decline, it might signal that the trend is losing steam.

Ichimoku Cloud Shows a Bullish Setup

OM has experienced a sharp breakout, pushing well above the Ichimoku Cloud. The recent surge has placed the price in a strong bullish zone, with the cloud now trailing far below.

This move suggests a significant shift in momentum as OM price transitioned from a period of consolidation to an aggressive rally. The separation from the cloud indicates that bullish momentum is firmly in control, with no immediate signs of weakness.

The Ichimoku Cloud’s leading span is now turning upward, confirming the strength of the trend. Additionally, the conversion and baseline lines have sharply followed the price move, reflecting the sudden increase in momentum.

With the lagging span also well above the price action, the setup reinforces the ongoing bullish trend. However, the distance size of the cloud is narrowing, which could indicate the uptrend is losing steam.

OM Price Prediction: Will the Surge Continue?

Mantra price has reached a new all-time high, breaking above $7 for the first time ever. This makes OM one of the biggest RWA tokens in the market, surpassing ONDO in market cap.

This breakout confirms strong bullish momentum. If the uptrend continues to strengthen, OM price could push even higher, potentially reaching $8 for the first time.

A sustained move above key levels would reinforce confidence in the rally, attracting more momentum-driven buyers.

However, if OM’s uptrend loses strength, it could retrace to test support at $6.48.

A break below this level could lead to further downside. The next key supports are $5.26 and, in the case of a stronger downtrend, $4.37.

Argentina’s President Javier Milei has distanced himself from the LIBRA meme coin after promoting it in a now-deleted tweet.

His clarification follows accusations that the project’s developers drained approximately $107 million in what appears to be a pump-and-dump scheme.

LIBRA Meme Coin Controversy

On February 14, Milei’s X account endorsed LIBRA, a Solana-based meme coin, which triggered a surge in trading activity. The token’s market cap briefly hit $4.5 billion as investors rushed in.

The project claimed its goal was to support Argentina’s economy by funding small businesses and local ventures. Julian Peh, co-founder of KIP Protocol, confirmed the platform’s involvement, stating that its role was to manage fund distribution rather than oversee the token itself.

“Our primary role is to help run the fund allocation to the Argentinian companies, and less on the token side. We are not the [Market maker]…We will put together the plan to run the Project Libertad as per the original objective. We would not have gotten the help we did to launch it if we were not serious. Not a single SOL will be used outside of the purpose of running Project Viva La Libertad,” Peh said.

However, doubts quickly emerged regarding the legitimacy of the launch. Crypto analyst Conor Grogan pointed out that the wallet deploying LIBRA had received funds from an exchange that does not require Know Your Customer (KYC) verification.

As concerns mounted, Milei addressed the issue, stating that he had initially shared the project to support a private initiative, something he does regularly.

Upon further review, he retracted his endorsement and deleted the post. Following his statement, LIBRA’s price plummeted by around 90%.

“I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet). To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the ass,” Milei said.

Meanwhile, blockchain analysis from Lookonchain revealed that insiders had withdrawn approximately $107 million. Eight wallets linked to the project moved $57.6 million in USDC and 249,671 SOL, worth nearly $50 million. Analysts suggested these withdrawals were tied to liquidity manipulation and accumulated fees.

Additionally, crypto analyst EmberCN reported that insiders made at least $20.18 million by front-running the promotional tweet, buying seconds after it was posted, and selling after the price spike.

Political Meme Coins and Industry Reactions

The LIBRA fallout highlights concerns surrounding politically affiliated meme coins. Similar speculation surrounded the launch of the TRUMP token in January and the Central African Republic’s CAR meme coin.

In both cases, traders rushed to buy in before questioning their legitimacy. While those tokens turned out to be authentic, LIBRA’s rapid collapse has raised alarms within the crypto community.

Industry figures have condemned the situation. Sonic Labs co-founder Andre Cronje criticized the trend, suggesting that meme coin traders do not engage with decentralized finance or blockchain technology.

“[Meme coin traders are] a demographic that doesnt care about decentralized finance or even blockchains. So memes arent stealing any attention, since the participants werent our participants in the first place,” Cronje stated.

On the other hand, SlowMist founder Yu Xian called for accountability, stating that those responsible should face legal consequences.

“Support everyone in defending your rights; the instigator must be punished by law, and hopefully, they will also face the President’s wrath,” Xian added.

The LIBRA controversy reflects the risks of speculative meme coins, particularly when linked to political figures. The incident has further fueled discussions about regulatory oversight and investor protection in the crypto space.