The Abu Dhabi Investment Council (ADIC) expanded its exposure to Bitcoin ahead of the cryptocurrency\u2019s sharp downturn, more than tripling its stake in BlackRock\u2019s iShares Bitcoin Trust (IBIT) during the third quarter, regulatory filings show.<\/p>\n
ADIC \u2014 an independently run investment unit within Mubadala Investment Co. \u2014 increased its holdings to nearly 8 million IBIT<\/a> shares as of Sept. 30.\u00a0<\/p>\n The position was valued at about $518 million at the time, up from 2.4 million shares three months earlier, according to Bloomberg reporting<\/a>.\u00a0<\/p>\n The accumulation by the Abu Dhabi council came just weeks before Bitcoin surged to a record high in early October and then slid below $92,000 as leveraged bets unwound across the market.<\/p>\n The Abu Dhabi council says the move<\/a> 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\u2019s traditional store-of-value assets.<\/p>\n The buying wasn\u2019t 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.\u00a0<\/p>\n Other major institutions, including Harvard<\/a>, also added to IBIT positions in the same period.<\/p>\n Still, investor appetite has cooled since the October selloff<\/a>. U.S. spot Bitcoin ETFs have seen roughly $3.1 billion in outflows so far in November, according to Bloomberg data.<\/p>\n IBIT alone suffered a single-day record of $523 million in redemptions after Bitcoin broke below a key price level that left many ETF investors underwater.<\/p>\n ADIC\u2019s increased allocation is notable given Abu Dhabi\u2019s financial reach and its growing ambition to establish itself as a global crypto hub. The emirate\u2019s wealth funds collectively oversee more than $1.7 trillion, and Mubadala has already been a major player in the region\u2019s digital-asset expansion.<\/p>\n Earlier this year, MGX \u2014 a tech investment firm backed by Mubadala \u2014 acquired<\/a> a $2 billion stake in Binance using a stablecoin tied to the family of U.S. President Donald Trump.<\/p>\n Inside ADIC, the push into Bitcoin aligns with a broader shift toward global expansion. The council, initially created in 2007 and later folded under Mubadala\u2019s structure, continues to operate with its own mandate and investment strategy.\u00a0<\/p>\n It has recently strengthened its leadership team, adding executives such as Alain Carrier, former head of international business at Canada Pension Plan Investment Board, and Ben Samild, previously the investment chief at Australia\u2019s sovereign wealth fund, according to Bloomberg.\u00a0<\/em><\/p>\n While crypto\u2019s volatility remains a concern for global investors, Abu Dhabi\u2019s stance underscores a different calculus: large sovereign funds are increasingly comfortable treating Bitcoin as a long-term strategic asset.\u00a0<\/p>\n Other governments are moving in the same direction. El Salvador added<\/a> more than $100 million in Bitcoin this week, the Czech central bank disclosed<\/a> its first crypto purchase, and Kazakhstan is building a national cryptocurrency reserve fund that could reach $1 billion.<\/p>\nAbu Dhabi\u2019s bitcoin moves\u00a0<\/h2>\n
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