Bitcoin coin in an empty desert representing weak US Bitcoin demand. Photo by BeInCrypto
Two Abu Dhabi sovereign funds lost $118 million on their BlackRock Bitcoin ETF position last quarter. Neither sold a single share, new SEC filings show.
Mubadala Investment Company and the Abu Dhabi Investment Council together reported 22.94 million shares of the iShares Bitcoin Trust (IBIT) on June 30. That stake was worth $764 million, down from $881 million three months earlier.
Investor
First reported position
Latest confirmed holding
Mubadala
8,235,533 IBIT shares, $436.9m
14,721,917 shares
ADIC / Al Warda
2,411,034 shares, $147.6m
8,218,712 shares
Combined
—
22,940,629 shares
Bitcoin Peaked in May Before June Erased the Quarter
Yet the quarter-on-quarter number hides a violent round trip. Bitcoin (BTC) opened April near $68,079 and climbed to $82,139 by May 10.
IBIT touched $46.47 the following day. At that mark, the two funds sat at roughly $1.07 billion, well above where they started the quarter. June wiped it out. Bitcoin shed 17.9% that month and ended June at $58,559. The stake closed the quarter $302 million below its May peak.
Both funds also file a Form 13F, the quarterly report large investors submit on their US-listed holdings. Mubadala filed on Aug. 14, one day after the Investment Council disclosed its own book.
The share counts match exactly between the two quarters. Mubadala kept 14.72 million shares. The Investment Council kept 8.22 million. Only the price moved.
However, the two funds feel that loss very differently. IBIT accounts for just 1.4% of Mubadala’s $34.77 billion US book, which chipmaker GlobalFoundries dominates at 94.7%. The ETF still ranks second on that list.
The Investment Council runs a far tighter portfolio. Its $274 million IBIT stake equals 38% of a $714 million book, the largest position the fund discloses.
Mubadala had also bought more IBIT in the first quarter, when Harvard…
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