The Abu Dhabi Investment Council (ADIC) has nearly tripled its exposure to Bitcoin in Q3 through BlackRock's IBIT spot Bitcoin fund, increasing its holdings from 2.4 million to nearly 8 million shares, worth approximately 520 million USD. This move is seen as a sign that institutions in the UAE continue to be interested in cryptocurrency, despite the volatile market.
ADIC stated that they view Bitcoin as “digital gold”. Q3 closed right before BTC reached its historical peak of 125,100 USD and then fell sharply below 90,000 USD. The decline of Bitcoin also caused the price of IBIT to drop by more than 23% since the end of the quarter, currently around 50.71 USD.
Nevertheless, experts believe that the strong increase in ADIC holdings shows that institutional confidence remains robust. Some analysts assess this as a step to consolidate the position of the UAE as a digital asset hub, even though the flow of Bitcoin ETF capital is experiencing significant fluctuations.
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Abu Dhabi Investment Council triples its stake in Bitcoin ETF in Q3
The Abu Dhabi Investment Council (ADIC) has nearly tripled its exposure to Bitcoin in Q3 through BlackRock's IBIT spot Bitcoin fund, increasing its holdings from 2.4 million to nearly 8 million shares, worth approximately 520 million USD. This move is seen as a sign that institutions in the UAE continue to be interested in cryptocurrency, despite the volatile market.
ADIC stated that they view Bitcoin as “digital gold”. Q3 closed right before BTC reached its historical peak of 125,100 USD and then fell sharply below 90,000 USD. The decline of Bitcoin also caused the price of IBIT to drop by more than 23% since the end of the quarter, currently around 50.71 USD.
Nevertheless, experts believe that the strong increase in ADIC holdings shows that institutional confidence remains robust. Some analysts assess this as a step to consolidate the position of the UAE as a digital asset hub, even though the flow of Bitcoin ETF capital is experiencing significant fluctuations.