Abu Dhabi Investment Council boosted its stake to nearly eight million iShares Bitcoin Trust ETF shares, signaling rising crypto exposure before markets tumbled.
The council, the independently run unit of Mubadala Investment Co., more than tripled its position in BlackRock Inc.’s iShares Bitcoin Trust ETF during the third quarter. The move came shortly before the bull market in cryptocurrencies gave way to a brutal selloff.
The firm increased its holding to almost eight million shares as of September 30, according to a regulatory filing. The position, disclosed by a subsidiary of ADIC, was worth about $518 million at the time. It had held 2.4 million shares three months earlier.
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