Abu Dhabi Sovereign Wealth Fund Tripled BTC Bet Before Market Drawdown
CoinDesk
Abu Dhabi's ADIC tripled its IBIT holdings in Q3, viewing Bitcoin as a gold-like store of value.Summary
Al Warda Investments, overseen by the Abu Dhabi Investment Council (ADIC), significantly increased its stake in BlackRock's iShares Bitcoin Trust ETF (IBIT) during the third quarter, tripling its holdings to nearly 8 million shares valued at $517.6 million. ADIC, a subsidiary of Mubadala Investment Co., views Bitcoin as a store of value comparable to gold, expecting it to play an increasing role alongside gold in diversifying their portfolio for both near and long-term strategies. This substantial purchase occurred just before Bitcoin reached a record high near $126,000 in early October, followed by a subsequent decline below $90,000 in November, which impacted interest in Bitcoin ETFs like IBIT.
(Source：CoinDesk)