TLDR:
ADIC boosted its IBIT ETF holdings from 2.4M to ~8M shares in Q3.
That position was worth around $518M on Sept. 30.
ADIC views Bitcoin as a long-term diversification tool alongside gold.
Its timing came just before a major Bitcoin price drop and ETF outflows.
The Abu Dhabi Investment Council (ADIC), part of Mubadala, more than tripled its stake in BlackRock’s iShares Bitcoin Trust ETF (IBIT) during Q3 2025.
It raised holdings from roughly 2.4 million shares to nearly 8 million by September 30, according to a regulatory filing. That position was valued at about $518 million at the time. The move came just before a brutal sell-off in the crypto market.
Institutional Bitcoin Bet Grows
ADIC’s aggressive reallocation to IBIT underscores its long-term view of Bitcoin as a store of value, on par with gold, according to a spokesperson cited by Bloomberg.
The sovereign investor said it expects to hold Bitcoin alongside gold in both its near-term and longer-term strategy. This was disclosed via a subsidiary of ADIC in the filing.
The build-up came at a time when many institutional players were watching crypto volatility, showing a growing risk appetite among state-linked investors.
Meanwhile, ADIC is not alone: its parent, Mubadala Investment Co., already held about 8.7 million IBIT shares, combining for a total of over 16 million shares across the two entities. That puts Abu Dhabi’s sovereign exposure to Bitcoin through ETFs into the billion-dollar range.
Timing and Market Conditions
The timing of ADIC’s accumulation was notable: the fund boosted its Bitcoin ETF exposure just before Bitcoin surged to an all-time high of roughly $126,000 in early October. Shortly afterward, the market corrected sharply.
In November, IBIT recorded a single-day outflow of $523 million, marking one of its largest redemptions since its January 2024 launch. That volatility underscores the risk inherent even in regulated Bitcoin products.
ADIC framed the ETF as a portfolio diversifier, not a speculative bet. Its strategy seems rooted in long-term treasury planning, aligning with a broader push to diversify away from oil-based revenue. The move gives rare visibility into how sovereign wealth funds are treating Bitcoin at scale.
