As we reported yesterday, Abu Dhabi-based sovereign wealth funds increased their Bitcoin investments despite the sharp decline in the cryptocurrency market.
Mubadala and its affiliate 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 its stake in the BlackRock-managed iShares Bitcoin Trust (IBIT) ETF by 46% compared to the previous quarter, reaching 12.7 million shares as of December 31. The Abu Dhabi Investment Council (ADIC), which is managed independently from Mubadala, also increased its position in the same fund by 3% through a subsidiary, raising 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 stated that they added BTC to their portfolio as part of their long-term diversification strategy. The statement described 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 stated in an interview with Bloomberg earlier this month that the fund is making bold investments across many sectors, including blockchain startups.
*This is not investment advice.
