As we reported yesterday, an Abu Dhabi-based sovereign wealth fund elevated its funding in Bitcoin regardless of the crypto market's plunge.
Mubadala and its affiliate Abu Dhabi Funding Council (ADIC) elevated their positions in Bitcoin exchange-traded funds (ETFs) within the fourth quarter.
Based on an official assertion, Mubadala elevated its stake within the BlackRock-managed iShares Bitcoin Belief (IBIT) ETF by 46% quarter-on-quarter, reaching 12.7 million shares as of December 31. Abu Dhabi Funding Council (ADIC), which operates independently from Mubadala, additionally elevated its place within the fund by 3% by way of its subsidiary, bringing its holdings to eight.2 million shares.
ADIC spokesperson explains why they invested in Bitcoin
At this time, new statements relating to Bitcoin investments have been launched by each events. An ADIC spokesperson stated the corporate added BTC to its portfolio as a part of a long-term diversification technique. The assertion describes Bitcoin as a “retailer of worth, just like gold.” This score reiterates the fund's assertion after tripling its IBIT place within the third quarter.
ADIC CEO Saeed Al Mazrouei stated in an interview with Bloomberg earlier this month that the fund is making daring investments throughout many sectors, together with blockchain startups.
*This isn’t funding recommendation.
