Latest news with #StevenLubka
Gulf Insider
21-05-2025
- Business
- Gulf Insider
Bitcoin Jumps To New All-Time High, Surpassing Prior Record In January
Bitcoin rose to a new all-time high on Wednesday, breaking its January record. The price of the flagship cryptocurrency was last higher by 2% at $108,955.10, according to Coin Metrics. Earlier, it rose as high as $109,500. After languishing for several weeks amid tariff-related uncertainty, bitcoin's price has been steadily climbing in May, up 16% so far this month. Cumulative inflows into ETFs tracking the price of bitcoin surpassed $40 billion last week and have seen just two days of outflows in May. The cryptocurrency has benefited from both liquidity in the stock market, giving a boost to risk assets, as well as recent risk-off scenarios related to concerns about tariffs and deficits in the U.S. that have driven gains in gold as well as bitcoin. On-chain data also shows lower selling pressure as indicated by bitcoin inflows into exchanges and increased liquidity in the crypto market as measured by new records of the amount of Tether stablecoin USDT, a gauge of crypto market liquidity, sitting on exchanges, according to CryptoQuant. Investors have been expecting upcoming catalysts, including regulatory updates as well as corporate treasury investments, to drive bitcoin prices higher, according to Steven Lubka, head of private clients and family offices at Swan Bitcoin. Since the beginning of the year, the number of bitcoins held by public companies has grown 31% to about $349 billion, according to Bitcoin Treasuries. That comprises 15% of the total bitcoin supply. The latest bull rally brought Bitcoin higher than its previous ATH on January 20 at $109,114.88, which followed the crypto market rally starting in November. So far, Bitcoin has risen 24.10% during the last 30 days and 55.73% in one year.
Gulf Insider
16-02-2025
- Business
- Gulf Insider
Abu Dhabi Sovereign Wealth Fund Stockpiles $436 Million In BlackRock Bitcoin ETF Shares
Mubadala Investment Company, the sovereign wealth fund that manages investments for the Abu Dhabi's government, signaled on Friday that it started stockpiling exposure to Bitcoin last year via the leading ETF. During the fourth quarter of last year, Mubadala scooped up $436 million worth of BlackRock's spot Bitcoin ETF, according to a quarterly report disclosing U.S. equity ownership filed with the Securities and Exchange Commission. Totaling 8.2 million in shares of the Nasdaq-listed iShares Bitcoin Trust ETF, it appeared that Friday's disclosure represented a fresh investment by Mubadala in the product. A filing from the previous quarter did not disclose holdings in BlackRock's $56.3 billion spot Bitcoin ETF. Mubadala did not immediately respond to a request for comment from Decrypt . As President Donald Trump's administration mulls the prospect of a so-called strategic crypto reserve, which may include Bitcoin alongside other cryptocurrencies, some market participants described Mubadala's move as indicative of an emerging race on a global scale. 'Other countries have started moving,' Swan's Head of Private Clients and Family Offices Steven Lubka said on X (formerly Twitter). Several governments already hold Bitcoin, including the U.S., China, the United Kingdom, and El Salvador, according to CoinGecko. However, the crypto data aggregator noted in an August report that the $32.7 billion sum largely stems from seizures related to criminal activity. As one of the United Arab Emirates, Abu Dhabi is part of a growing crypto sector in the Middle East. Last summer, the Blockchain Center in Abu Dhabi launched, saying it 'will focus on creating a thriving ecosystem that supports startups, enterprises, and academic institutions through a range of comprehensive services and initiatives.' Though the U.S. may assert itself as a Bitcoin backer through Trump's proposed stockpile, plenty of states have pushed for investing in cryptocurrencies on their own. While two states have rejected Bitcoin reserve bills, similar legislation is either pending or actively being considered in 21 states, according to Bitcoin Reserve Monitor.
