Despite Bitcoin (BTC) experiencing sharp declines, interest continues to grow.
The latest significant development in this area has emerged from the United Arab Emirates (UAE).
Abu Dhabi Investment Council (ADIC), a subsidiary of the United Arab Emirates (UAE) sovereign wealth fund Mubadala, significantly increased its Bitcoin-related investments in the third quarter, according to a report by Bloomberg.
As of the end of September, ADIC reportedly held approximately 8 million shares of BlackRock's spot Bitcoin ETF, IBIT. These IBIT holdings were valued at $518 million, which represents more than a threefold increase from the previous quarter.
ADIC held 2.4 million IBIT shares three months ago. It more than tripled its position in Bitcoin ETFs in the third quarter.
ADIC described the expansion of its Bitcoin investments as “part of a short-term and long-term strategy,” stating:
“We view Bitcoin as a store of value (SoV) similar to gold.
As the world moves towards a digitalized future, Bitcoin will play an increasingly important role alongside gold.”
Mubadala's Existing Interest in Bitcoin
Mubadala's engagement with Bitcoin is not a recent development. In 2023, the fund announced a strategic partnership with crypto mining company Marathon Digital and Abu Dhabi-based Zero Two to establish a BTC mining facility in the region.