Summary
- Abu Dhabi Investment Council (ADIC) significantly expanded Bitcoin-related investments during the third quarter.
- ADIC disclosed it held about 8 million shares of BlackRock's IBIT ETF as of the end of September, valued at approximately $518 million.
- ADIC expanded investments as part of "short- and long-term strategy," viewing Bitcoin as a store of value (SoV) similar to gold.
Abu Dhabi Investment Council (ADIC), a Mubadala subsidiary of the United Arab Emirates (UAE) sovereign wealth fund, significantly expanded its Bitcoin (BTC)-related investments in the third quarter.
On the 19th (local time), Bloomberg reported that ADIC disclosed it held about 8 million shares of BlackRock's spot Bitcoin exchange-traded fund (ETF) IBIT as of the end of September. The disclosed stake is valued at $518 million (about KRW 760 billion). Bloomberg said, "(ADIC) held 2.4 million IBIT shares three months ago," and "it increased its position in Bitcoin ETFs more than threefold in the third quarter."
ADIC described the expansion of Bitcoin investments as "part of short- and long-term strategy." ADIC told Bloomberg, "It views Bitcoin as a store of value (SoV) similar to gold," and added, "As the world moves toward a digitalized future, Bitcoin will play an increasingly important role alongside gold."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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