As we reported yesterday, Abu Dhabi-based sovereign wealth funds have increased their investments in Bitcoin despite the cryptocurrency market’s sharp decline.
Mubadala and its subsidiary Abu Dhabi Investment Council (ADIC) increased their position in a Bitcoin exchange-traded fund (ETF) in the fourth quarter.
According to official announcements, Mubadala increased his stake in the BlackRock-managed iShares Bitcoin Trust ETF (IBIT) by 46% from the previous quarter, reaching 12.7 million shares as of December 31. The Abu Dhabi Investment Council (ADIC), which is managed independently of Mubadala, also increased its position in the same fund by 3% through an affiliate, bringing its holdings to 8.2 million shares.
ADIC spokesperson explains why they invested in Bitcoin
Today, new statements regarding Bitcoin investments came from both parties. An ADIC spokesperson said it added BTC to its portfolio as part of its long-term diversification strategy. The statement describes Bitcoin as a “store of value similar to gold.” This assessment reiterates the fund’s statements after tripling its IBIT position in the third quarter.
ADIC CEO Saeed Al Mazrouei said in an interview with Bloomberg earlier this month that the fund was making bold investments across many sectors, including blockchain startups.
*This does not constitute investment advice.
