Abu Dhabi’s $764M Bitcoin Bet Holds Firm Through Market Pain

Key Takeaways

• Mubadala and ADIC held 22.94 million IBIT shares worth nearly $764 million on June 30.
• Mubadala and ADIC took a $118 million Q2 hit without reducing their net IBIT shares.
• Q3 filings will show whether Mubadala and ADIC hold, add or cut 22.94 million IBIT shares.

Mubadala Investment Company and the Abu Dhabi Investment Council, or ADIC, disclosed the positions in filings with the U.S. Securities and Exchange Commission (SEC) covering holdings as of June 30. Together, the funds reported approximately 22.94 million shares of Blackrock’s Ishares Bitcoin Trust, better known by its ticker IBIT.

Abu Dhabi Takes the Hit and Holds the Line

Mubadala reported 14,721,917 IBIT shares valued at approximately $490.1 million, while ADIC reported 8,218,712 shares worth about $273.6 million. Anyone who has followed institutional filings through a sell-off knows the share count tells the cleaner story here. Neither fund reduced its position.

At the end of March, those same shares were worth roughly $881 million. By June 30, about $118 million of that value had vanished. There was no portfolio maneuver capable of hiding the damage in the quarter-end numbers. Prices fell, the positions got hammered and both funds finished with exactly the same number of shares.