Two Abu Dhabi sovereign investors kept $764 million in BlackRock’s Bitcoin ETF through the second quarter, despite sharp losses across Bitcoin and IBIT. Mubadala Investment Company and Abu Dhabi Investment Council held 22.94 million IBIT shares on June 30. Neither fund changed its share count during the quarter.
Their combined position fell from about $881.4 million at March's end. As a result, roughly $118 million in reported value disappeared as the ETF declined.
Mubadala held 14,721,917 IBIT shares worth $490.1 million on June 30. The share count matched its first-quarter filing. The stake remained Mubadala’s second-largest reported holding within its $34.8 billion 13F portfolio. GlobalFoundries remained in the largest position.
Earlier, Mubadala increased its IBIT stake by almost 16% during the first quarter. It had also raised the position by about 46% in late 2025. Meanwhile, ADIC held 8,218,712 IBIT shares worth about $273.6 million. IBIT ranked as its largest reported US-listed position and represented more than 33% of its portfolio.
ADIC began reporting the stake directly earlier this year after Al Warda Investments had disclosed it. The reporting change did not alter beneficial ownership. Why did both Abu Dhabi investors keep their share counts unchanged while Bitcoin and IBIT fell sharply?
Bitcoin traded near $62,900 on Friday, about 29% below its roughly $88,700 level at the start of 2026. The cryptocurrency also traded about 50% below the record above $126,000 reached last October. Meanwhile, IBIT had fallen 27.6% this year through August 13.
BlackRock reported about $47.35 billion in IBIT net assets. The ETF closed Thursday at $35.88 per share. Broader Bitcoin ETF assets also declined during the downturn. SoSoValue data cited in the text showed assets falling from above $116.7 billion to around $95.5 billion.
Other institutions took a different path. Harvard University cut its IBIT position by 43% during the first quarter after reducing the stake late last year. By contrast, Mubadala added more than two million shares during that quarter, while ADIC kept its position unchanged.
Read More: ETH Foundation Cuts 54 Jobs as Restructuring Plan Trims 20% of Workforce
The sovereign holdings sit within a broader digital asset expansion across Abu Dhabi. The emirate has developed regulation, venture investment, tokenization, and crypto infrastructure. Abu Dhabi Global Market has operated a virtual-asset framework since 2018. It said more than 20 regulated firms held licenses for virtual assets or fiat-referenced tokens.
Binance received a global license under that framework in December. Coinbase also secured approval this week to establish an international tokenization hub in Abu Dhabi. At the same time, state-linked investment has expanded alongside regulation. Abu Dhabi-backed MGX agreed last year to invest $2 billion in Binance.
Hub71 also created a digital-assets program with more than $2 billion committed to Web3 and blockchain startups. Mubadala Capital moved one private-market fund on-chain in July. The tokenized strategy became available across Base, Solana, and Sui.
Mubadala and ADIC kept 22.94 million IBIT shares unchanged through Q2, despite roughly $118 million in combined value loss. Their positions remain significant within both 13F portfolios. At the same time, Abu Dhabi continued expanding regulated crypto, venture, tokenization, and infrastructure initiatives across the emirate.