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Abu Dhabi sovereign investors hold BlackRock’s IBIT stake despite losses
Mubadala Investment Company and Abu Dhabi Investment Council kept a combined 22.94 million IBIT shares unchanged through June 30, while the position’s reported value fell by about $118 million during the second quarter.
Two Abu Dhabi sovereign investors kept their holdings in BlackRock’s Bitcoin ETF, iShares Bitcoin Trust (IBIT), unchanged through the second quarter, even as Bitcoin and the fund slid sharply. CryptoSlate reports that Mubadala Investment Company and the Abu Dhabi Investment Council combined to hold 22.94 million IBIT shares as of June 30, according to regulatory filings.
The firms did not add or cut their share counts, but they still took mark-to-market losses as IBIT declined. The combined stake was valued at about $881.4 million at the end of March, implying roughly $118 million of value was erased during the second quarter while the number of shares remained the same.
Mubadala’s IBIT stake fell in reported value to $490.1 million from $565.6 million, while the share count stayed fixed at 14,721,917 shares. The position remained Mubadala’s second-largest reported holding in its $34.8 billion 13F portfolio, behind GlobalFoundries.
Abu Dhabi Investment Council also stood pat, retaining 8,218,712 IBIT shares worth about $273.6 million as of June 30. CryptoSlate adds that IBIT was ADIC’s largest reported US-listed position, making up over 33% of its roughly $715 million 13F portfolio, and that the reporting change did not alter beneficial ownership.
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