According to a recent report, the Abu Dhabi Investment Council (ADIC) nearly doubled its Bitcoin exposure in the third quarter through BlackRock's spot Bitcoin fund.
Several market participants believe this is a sign that institutional interest in cryptocurrencies in the United Arab Emirates continues to grow.
ADIC, the investment arm of Mubadala Investment Company, stated to Bloomberg on Wednesday that it views Bitcoin as the digital equivalent of gold.
The increase in ADIC's IBIT holdings occurred during a period of Bitcoin volatility. Just days before the end of the quarter, BTC surged to a historic high of $125,100 on October 5, before falling back below $90,000 on Wednesday.
Bloomberg reported that ADIC increased its IBIT holdings from 2.4 million shares at the beginning of the third quarter to nearly 8 million shares by September 30, with this position valued at approximately $520 million. IBIT closed the quarter at $65 per share and rose to $71 on October 6, the day after Bitcoin hit its all-time high.
However, Bitcoin's recent drop below $100,000 has also dragged IBIT down. The ETF closed at $50.71 on Wednesday, down about 23% since the end of the third quarter.
Despite the decline in Bitcoin prices, ADIC's increase in stock holdings is widely interpreted as a signal of broader institutional adoption.
Zayed Aleem, manager of the crypto investment platform M2 Treasury, stated in a LinkedIn post on Wednesday, "It's fantastic to see such strong institutional conviction; this is another strong signal that the UAE is solidifying its position as a global digital asset hub."
Crypto commentator MartyParty expressed a similar view, stating, "This position reflects a strategic bet on BTC's role as a store of value."
According to Farside, just a day before this news broke, when Bitcoin briefly dipped to $88,000, IBIT experienced its largest single-day outflow since its launch in January 2024, totaling $523.2 million. As of the time of writing, Bitcoin is trading at $92,089 according to CoinMarketCap.
ETF analyst Eric Balchunas stated on Wednesday that the IBIT ETF is going through "a tough time."
"Despite year-to-date inflows still being an impressive $25 billion (ranking sixth overall), the total outflow from BTC ETFs over the past month has been $3.3 billion, accounting for 3.5% of assets under management," Balchunas said.
According to Farside, since IBIT's launch in January 2024, it has recorded approximately $63.12 billion in net inflows.
Analysts have differing views on the direction of Bitcoin for the remainder of the year. Bitcoin analyst VICTOR recently stated that the current pullback is "the kind of range where you can bid with your eyes closed."
Related: Bitcoin (BTC) is expected to recover as liquidity conditions change, but macro risks in the U.S. remain.
Original article: “Report: Abu Dhabi Investment Council (ADIC) Doubles Bitcoin ETF Holdings in Q3”
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