As if to display their conviction of Bitcoin, the Abu Dhabi Investment Council dramatically enhanced their Bitcoin bet, nearly tripling its stake in BlackRock’s flagship spot ETF despite volatile market conditions.
Does Abu Dhabi Investment Council View Bitcoin as “Digital Gold” in a Storm?
While retail traders panic-sold during Bitcoin’s recent plunge below $90,000, the Abu Dhabi Investment Council took a different approach.
They quietly loaded up on BlackRock’s iShares Bitcoin Trust (IBIT).
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According to fresh regulatory filings reported by Bloomberg, the council controlled by Mubadala Investment Company, boosted its IBIT holdings from 2.4 million shares to nearly 7.98 million shares by the end of Q3. At current prices, that position is now worth roughly $520 million.
Furthermore, the Abu Dhabi Investment Council reportedly told Bloomberg it sees Bitcoin as nothing less than the “digital equivalent of gold”; a store-of-value asset worthy of a permanent allocation in a Gulf powerhouse’s multi-billion-dollar portfolio.
This also comes at an interesting time.
The third quarter closed just days before Bitcoin rocketed to a new all-time high of $125,100 on October 5, only to come down shortly after.
Since September 30, IBIT shares have tumbled 23%, closing Wednesday at $50.71. Yet the Council didn’t flinch; it bought the dip in size.
Industry voices across the Middle East and beyond consider the news as fresh evidence that institutional adoption is accelerating, not retreating.
Zayed Aleem, treasury manager at Abu Dhabi-based crypto platform M2, said on LinkedIn that its “Fantastic to see such institutional conviction; another strong signal that the UAE is securing its place as a global hub for digital assets.”
