Abu Dhabi's Sovereign Funds Stand Firm on $764M Bitcoin Bet

Abu Dhabi's sovereign wealth funds have taken a significant hit from Bitcoin price drops but are holding firm to their positions. Mubadala Investment Company and the Abu Dhabi Investment Council (ADIC) reported holdings of approximately 22.94 million shares of Blackrock's Ishares Bitcoin Trust (IBIT), valued at around $764 million as of June 30.

The funds disclosed the positions in filings with the U.S. Securities and Exchange Commission, covering holdings as of June 30. Mubadala reported 14,721,917 IBIT shares worth approximately $490.1 million, while ADIC reported 8,218,712 shares valued at about $273.6 million.

While the value of these positions dropped by around $118 million from March 31 to June 30, neither fund reduced its position. This means that despite the significant price drop, they are committed to holding onto their Bitcoin exposure.

The holdings also reflect Abu Dhabi's broader push into digital assets. The emirate has been building regulated infrastructure and attracting businesses related to virtual assets, including exchanges, custodians, tokenization companies, and mining operations. IBIT provides a way for sovereign capital to access the sector through a regulated U.S.-listed security.