Abu Dhabi Sovereign Funds Ride Out Bitcoin Price Drop

Abu Dhabi's sovereign funds lost $118 million on their BlackRock Bitcoin ETF position in the last quarter. Mubadala Investment Company and the Abu Dhabi Investment Council, together holding 22.94 million shares of iShares Bitcoin Trust (IBIT), reported a decline from $881 million to $764 million between March and June.

The funds kept all their shares, despite the $302 million loss, which wiped out most of the gains made in May when the stake topped $1 billion. The Bitcoin price dropped 17.9% in June, ending at $58,559, from a peak of $82,139 on May 10.

The funds' stakes are significant. For Mubadala, IBIT accounts for just 1.4% of its $34.77 billion US book, while for the Investment Council, it equals 38% of its $714 million portfolio, making it their largest disclosed US equity position.