Unchanged IBIT Shares, Opposite Portfolio Effects
At ADIC, IBIT’s share of the reported portfolio rose from 32.4% in Q1 to 38.3% in Q2 even though the position’s reported value fell by $42.2 million. It became larger only in relative terms: ADIC’s 13F portfolio contracted by about 27%, from $974.8 million to $714.6 million.
Nu Holdings shows how that happened. It narrowly ranked ahead of IBIT in March, but ADIC reported 78% fewer Nu shares at the end of June. IBIT moved into first place because a competing net position was reduced and the overall reported portfolio became smaller—not because the Bitcoin ETF stake grew.
Mubadala produced the opposite result. IBIT remained its second-largest reported holding, but its portfolio weight fell from 2.8% to 1.4%. Mubadala’s 13F portfolio expanded by about 70% to $34.77 billion, driven largely by the higher reported value of its GlobalFoundries position.
The two weight changes do not show opposing Bitcoin decisions. They show why rank and portfolio percentage can mislead when separated from the rest of a filing. If the question is whether either manager changed its quarter-end IBIT allocation, the share count is more informative: it stayed flat while the two portfolio totals moved sharply in opposite directions.
These Are Two Filings Within the Same Sovereign Group
The $763.7 million total combines separately reported positions from Mubadala and ADIC, but the entities are not unrelated sovereign funds. Mubadala describes ADIC as a wholly owned entity that plays a distinct role within Abu Dhabi’s sovereign investment system.
The accurate description is two Abu Dhabi reporting entities within the Mubadala group. Adding the positions is valid because the filings list separate IBIT shares, but presenting them as independent national bets would exaggerate the institutional separation behind the total.
The Filings Are a June Snapshot, Not a Live Position
Mubadala submitted its report on August 14, while ADIC filed one day earlier. Both cover holdings as of June 30. The SEC explains that Form 13F is due within 45 days of quarter-end and covers specified reportable securities over which an institutional manager exercises investment discretion.
The August filings cannot be treated as live holdings. They do not reveal the entities’ current IBIT positions, their purchase prices, any direct Bitcoin exposure or their complete investment portfolios. Identical March and June balances also cannot rule out trades made between those dates; they show only that the net quarter-end positions matched.
A future increase in the disclosed dollar value would not prove fresh buying on its own either. Only a change in the reported number of shares would show that the net quarter-end position had moved.
Form 13F filings provide delayed snapshots of specified reportable securities and may not reflect current positions or an institution’s complete portfolio. This article is for informational purposes only and is not investment advice.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP.
Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem.
To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem.
His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
