"The Abu Dhabi Investment Council (ADIC) expanded its exposure to Bitcoin ahead of the cryptocurrency's sharp downturn, more than tripling its stake in BlackRock's iShares Bitcoin Trust (IBIT) during the third quarter, regulatory filings show. ADIC - an independently run investment unit within Mubadala Investment Co. - increased its holdings to nearly 8 million IBIT shares as of Sept. 30. The position was valued at about $518 million at the time, up from 2.4 million shares three months earlier, according to Bloomberg reporting."
"The Abu Dhabi council says the move is part of a broader, long-term diversification strategy. A spokesperson described Bitcoin as a digital counterpart to gold and said the allocation is intended to sit alongside the fund's traditional store-of-value assets. The buying wasn't isolated. Mubadala separately reported holding 8.7 million IBIT shares valued at $567 million at the end of the third quarter, unchanged from the prior filing."
Regulatory filings show the Abu Dhabi Investment Council increased holdings in BlackRock's iShares Bitcoin Trust to nearly 8 million shares, valued around $518 million as of Sept. 30, up from 2.4 million shares three months earlier. The accumulation preceded Bitcoin's early October record high and its subsequent slide below $92,000 as leveraged bets unwound. A spokesperson described Bitcoin as a digital counterpart to gold and said the allocation is intended to sit alongside traditional store-of-value assets. Mubadala separately reported holding 8.7 million IBIT shares valued at $567 million. U.S. spot Bitcoin ETFs saw roughly $3.1 billion in November outflows, and IBIT recorded $523 million in single-day redemptions. Abu Dhabi wealth funds oversee more than $1.7 trillion.
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