According to CoinMeta, Standard Assets Company, which is supported by the Dubai royal family (SAC), has appointed Coinbase Asset Management Company as the exclusive manager of its Bitcoin holdings. The company announced on October 27th that it would establish its headquarters in the Abu Dhabi Global Market (ADGM) and plans to implement a $1.5 billion Bitcoin initiative that combines hotels with branded residences. The founders of SAC include Sakhib Waseem and Adam Ali, who previously worked at the consulting firm Verdant Partners. The advisory board of SAC also includes members of the Dubai royal family: Sheikh Mohammed, bin, and Maktoum. They stated that the arrangements for Coinbase will bring institutional discipline to the company's digital asset holdings. As no specific timeline for Bitcoin allocation or acquisition has been announced yet, the impact on the Bitcoin market remains unclear.