According to Insidebitcoins, the Abu Dhabi Investment Council (ADIC) more than tripled its stake in BlackRock’s US spot Bitcoin ETF (IBIT) in the third quarter, increasing holdings from 2.4 million to nearly 8 million shares by Sept. 30. The position was valued at about $520 million, as reported by Bloomberg on Nov. 19. ADIC views Bitcoin as a digital equivalent to gold. The move occurred amid heightened crypto market volatility, with Bitcoin reaching a peak above $126,000 in early October before entering a downtrend. BlackRock’s IBIT has seen significant outflows, including a record $523.2 million withdrawal on Nov. 18, though it has also recorded recent inflows.
UAE Sovereign Wealth Fund Triples BlackRock Bitcoin ETF Stake Ahead of Market Downturn
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