MidChains CEO highlights Bitcoin discount as entry point for sovereign funds

Basil Al Askari, CEO of Abu Dhabi-based MidChains, is making the case that Bitcoin’s current pricing represents a strategic entry point for sovereign wealth funds, and that their participation could trigger a domino effect across the institutional landscape.

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.

The Abu Dhabi connection

MidChains is backed by Mubadala Investment Company, one of Abu Dhabi’s most prominent sovereign wealth vehicles, alongside global investors MIAX and ADQ. It was the first regulated platform in its region to secure that caliber of institutional backing.

The company operates under the regulatory umbrella of the Abu Dhabi Global Market, functioning as both a multilateral trading facility and a custodian for virtual assets. Its target market is institutional OTC traders and qualified investors.

Founded in 2017, MidChains completed its first trades in Bitcoin, Ethereum, Litecoin, and Bitcoin Cash in 2021. Al Askari himself brings private equity experience from Mubadala Capital and prior roles at GE Capital.

Why sovereign funds are the whale that matters most

Al Askari’s framing of current Bitcoin prices as a “discount” is deliberate. He’s not making a price prediction. He’s making an argument about relative value, suggesting that the current market offers a window for large-scale capital allocators to build positions before the next leg of institutional adoption fully materializes.

At the AIMA Digital Assets Conference in New York in May 2026, Al Askari spoke to institutional audiences about exactly this narrative. His recent blog posts have focused on Bitcoin market cycles and institutional adoption forecasts for 2026, reinforcing the idea that serious capital can flow into crypto without requiring dramatic price surges first.

What this means for investors

Platforms like MidChains are positioning themselves as the plumbing for institutional crypto adoption in the Middle East. The platform already has regulatory approval, custody solutions, and institutional-grade infrastructure in place under ADGM regulation.

Bitcoin’s entire market cap is still a rounding error compared to the combined assets under management of the world’s major sovereign funds, which means even modest allocations could have outsized effects on price and market structure.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.