Abu Dhabi Investment Tripled IBIT Holdings in Q3 as Bitcoin Headed to Record High

Core Insights - Al Warda Investments, managed by the Abu Dhabi Investment Council (ADIC), significantly increased its holdings in BlackRock's iShares Bitcoin Trust ETF (IBIT) by 230% in Q3, bringing its total to nearly 8 million shares valued at $517.6 million as Bitcoin approached record highs [1][2][3] Group 1: Investment Strategy - The Abu Dhabi Investment Council, a subsidiary of Mubadala Investment Co., is traditionally focused on private market strategies, indicating a shift towards digital assets with this investment in Bitcoin [2] - A spokesperson for ADIC expressed that Bitcoin is viewed as a store of value akin to gold, highlighting its role in diversifying the portfolio and its importance in both near and long-term strategies [3] Group 2: Market Trends - The investment coincided with Bitcoin reaching a record high near $126,000 in early October, followed by a decline below $90,000 in November, reflecting the volatility and growing institutional interest in Bitcoin [3] - Despite a 30% drop in Bitcoin's price from its peak, there was a notable institutional interest, as evidenced by Harvard's endowment fund disclosing a $443 million position in the same ETF, representing about 20% of its U.S. listed public equity holdings [3] - IBIT experienced its largest single-day outflow since its launch in January 2024 on November 18, but recorded its first net inflow since November 11 shortly thereafter, indicating fluctuating investor sentiment [4]