Abu Dhabi Fund doubles its Bitcoin investment, now holding nearly 8 million shares of BlackRock IBIT.

According to Bloomberg, the Abu Dhabi Investment Authority (ADIC) more than doubled the size of its Bitcoin exchange-traded fund (ETF) in the third quarter, shortly before the bull run of Crypto Assets came to a sudden halt, replaced by a brutal dumping.

Regulatory documents show that as of September 30, ADIC (Abu Dhabi Investment Council, an independent operating entity under the sovereign wealth fund Mubadala Investment Company) has increased its holdings in BlackRock's iShares Bitcoin Trust ETF (IBIT) to nearly 8 million shares. The disclosed holdings by ADIC's subsidiary were valued at approximately $518 million at that time. Three months ago, ADIC held 2.4 million shares of this ETF.

In early October, the price of Bitcoin soared to a record high of $126,251, partly due to a large influx of funds into ETFs such as the iShares Bitcoin Trust ETF. The iShares Bitcoin Trust ETF is currently the largest Crypto Assets ETF in the world, with assets exceeding $70 billion. Subsequently, billions of dollars in leveraged bets were liquidated, triggering a market crash, causing the price of Bitcoin to plummet below $92,000.

The information disclosed this time reveals ADIC's investment strategy in rare detail. ADIC primarily invests in private assets in areas such as acquisitions, infrastructure, and real estate. A representative from ADIC stated that as part of a long-term diversified investment strategy, the company is gradually allocating a small amount of Bitcoin.

A spokesperson for ADIC stated: “We believe that Bitcoin, like gold, is a store of value. As the world continues to move towards a digital future, we believe that Bitcoin will play an increasingly important role alongside gold. Both of these assets help us achieve portfolio diversification, and we plan to continue holding them in our short-term and long-term investment strategies.”