Abu Dhabi Funds Stick with BlackRock Bitcoin ETF Amid Market Slump

Abu Dhabi's sovereign investors Mubadala Investment Company and Abu Dhabi Investment Council (ADIC) held onto their shares of BlackRock's Bitcoin ETF, despite a sharp decline in value. The two funds collectively owned $764 million worth of the ETF through Q2.

Mubadala held 14,721,917 shares valued at approximately $490.1 million on June 30, while ADIC owned 8,218,712 shares worth about $273.6 million. Neither fund made any changes to their share counts during the quarter.

The combined value of their positions fell by around $118 million from Q1's end, when they held approximately $881.4 million in BlackRock's Bitcoin ETF. This decline was largely due to the drop in value of the underlying asset, Bitcoin, which traded near $62,900 on Friday and had fallen about 29% below its January start price.

The move by Mubadala and ADIC to maintain their stakes in the ETF contrasts with some other institutional investors. Harvard University, for instance, reduced its position in BlackRock's Bitcoin ETF by over 43% during Q1.