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08/16 05:08

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

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Abu Dhabi’s $764M Bitcoin Bet Holds Firm Through Market PainMubadala 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. There is one important catch with Form 13F data. These filings are snapshots, not surveillance cameras, so they cannot prove that nothing was traded between March 31 and June 30. Both funds theoretically could have bought and sold IBIT during the quarter. What the filings prove is quite simpler: neither made a net retreat by quarter-end. Mubadala Already Built Its Position Before the Pain Arrived For Mubadala, IBIT is substantial without dominating the book. Its roughly $34.77 billion reported U.S. portfolio is overwhelmingly controlled by semiconductor manufacturer Globalfoundries, which accounts for about 95% of the reported value. Blackrock’s bitcoin fund IBIT sits a distant second at roughly 1.4%, but nothing else comes close behind the chipmaker. The more revealing detail is how Mubadala got there. It increased its IBIT stake by nearly 16% during the first
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