Abu Dhabi Investment Council Triples Stake In Bitcoin Etf In Q3:...

BlackRock’s spot Bitcoin ETF share price is down almost 23% since the end of the third quarter.

The Abu Dhabi Investment Council nearly tripled its exposure to Bitcoin during the third quarter through BlackRock’s spot Bitcoin fund, according to a recent report.

Several market participants saw it as a signal that institutional interest in crypto is still gaining momentum in the United Arab Emirates.

ADIC, an investment arm of Mubala Investment Company, told Bloomberg on Wednesday it sees Bitcoin (BTC) as the digital equivalent of gold.

ADIC’s IBIT increase came during a volatile period for Bitcoin. The quarter ended just days before BTC surged to an all-time high of $125,100 on Oct. 5, before dropping back below $90,000 on Wednesday.

Bloomberg reported that ADIC increased its IBIT holdings from 2.4 million shares at the start of Q3 to almost 8 million by Sept. 30, valuing the position at around $520 million. IBIT closed the quarter at $65 per share and rose to $71 on Oct. 6, the day after Bitcoin hit its all-time high.

However, Bitcoin’s recent plunge below $100,000 has dragged IBIT lower as well. The ETF closed Wednesday at $50.71, down around 23% since the end of the third quarter.

Despite the Bitcoin price decline, the ADIC stock increase was widely read as a sign of broader institutional adoption.

Crypto investment platform M2 treasury manager, Zayed Aleem, said in a LinkedIn post on Wednesday that it is “fantastic to see such institutional conviction and another strong signal that the UAE is securing its place as a global hub for digital assets.”

Echoing a similar sentiment, crypto commentator MartyParty said that “the position reflects a strategic bet on BTC’s role as a store of value.”

Source: CoinTelegraph