Abu Dhabi Tripled Its Bitcoin Bet In Q3 Before the Crypto Market Crash
Abu Dhabi Investment Council tripled its IBIT shares in Q3 before the recent crypto market downturn.Summary
The Abu Dhabi Investment Council (ADIC), an investment unit within Mubadala Investment Co., significantly increased its exposure to Bitcoin by more than tripling its stake in BlackRock’s iShares Bitcoin Trust (IBIT) during the third quarter, reaching nearly 8 million shares valued at about $518 million by September 30. This accumulation occurred just before Bitcoin reached a record high in early October and subsequently declined as leveraged bets unwound. ADIC stated this move is part of a long-term diversification strategy, viewing Bitcoin as a digital counterpart to gold. This institutional interest contrasts with recent market cooling, as U.S. spot Bitcoin ETFs have seen significant outflows in November following the selloff. Abu Dhabi's move underscores a growing comfort among large sovereign funds treating Bitcoin as a strategic long-term asset, aligning with other governmental entities like El Salvador and Kazakhstan increasing their crypto holdings.
(Source：Bitcoin Magazine)