Sovereign wealth funds have been accumulating spot Bitcoin, a sign that Bitcoin’s current price level is becoming attractive to institutional investors, according to MidChains CEO Basil Al Askari.
While there has been a slowdown in retail crypto market participation, the opposite is being seen on the institutional and corporate side, Basil Al Askari said on Cointelegraph’s “Chain Reaction” podcast on Monday.
“I would be able to confirm that one, at least one, and possibly in the coming weeks, two sovereign wealth funds have been accumulating spot Bitcoin specifically,” he said.
A sovereign wealth fund is a state-owned investment fund, typically capitalized by a country’s reserves, so the move signals state-level conviction, not just private speculation. Sovereign wealth funds collectively control more than $13 trillion globally.
Al Askari, who heads MidChains, a regulated crypto trading platform focused on retail and institutions based in Abu Dhabi, said this low price point is seen very much as an “entry level for a lot of those mega funds” that have the patience to accumulate over an extended period of time.
Basil Al Askari speaking on Chain Reaction. Source: Cointelegraph
The potential impact on Bitcoin’s price is not going to be a massive cascade on the market immediately, he said, but it sends “a very clear signal” to other institutions that may be sitting on the sidelines and looking at these larger funds as leaders, seeking a “way to experiment and start to get involved” with Bitcoin.
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“I do think this is what will happen, is that over the longer term period, we’ll start to see Bitcoin becoming more and more scarce as a result of larger holders with much longer time horizons on their holding periods as far as looking at investments.”
Abu Dhabi’s Mubadala Investment Company invested $437 million in BTC via BlackRock’s iShares Bitcoin Trust (IBIT) shares in February 2025, while Bhutan’s Druk Holding and Investments is one of the earliest and most direct sovereign holders of the asset,…
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