Two of Abu Dhabi’s biggest sovereign investment vehicles sat through a roughly $118 million hit to their Blackrock spot bitcoin exchange-traded fund (ETF) positions in the second quarter and did not cut a single net share, leaving nearly $764 million riding on IBIT when June ended.
Key Takeaways
Mubadala and ADIC held 22.94 million IBIT shares worth nearly $764 million on June 30.Mubadala and ADIC took a $118 million Q2 hit without reducing their net IBIT shares.Q3 filings will show whether Mubadala and ADIC hold, add or cut 22.94 million IBIT shares.At the end of March, those same shares were worth roughly $881 million. By June 30, about $118 million of that value had vanished. There was no portfolio maneuver capable of hiding the damage in the quarter-end numbers. Prices fell, the positions got hammered and both funds finished with exactly the same number of shares.
There is one important catch with Form 13F data. These filings are snapshots, not surveillance cameras, so they cannot prove that nothing was traded between March 31 and June 30. Both funds theoretically could have bought and sold IBIT during the quarter. What the filings prove is quite simpler: neither made a net retreat by quarter-end.
Mubadala Already Built Its Position Before the Pain ArrivedThe more revealing detail is how Mubadala got there. It increased its IBIT stake by nearly 16% during the first quarter, lifting its position from 12,702,323 shares to 14,721,917. That purchase came after another roughly 46% increase in late 2025. By the time Q2 turned ugly, the sovereign investor had already spent multiple quarters building the position.
ADIC is playing with considerably more concentration. Its 8.22 million IBIT shares were worth about $273.6 million on June 30 and represented more than one-third of its roughly $715 million reported U.S. securities portfolio. IBIT was not some experimental side position. It was ADIC’s largest disclosed U.S.-listed holding.
That distinction matters when markets start falling. A 1.4% position can take punishment without dictating an entire portfolio. A position north of one-third is different. ADIC still finished June holding the same 8,218,712 shares it reported three months earlier, despite the drawdown hitting the ETF’s value.
Abu Dhabi’s Bitcoin Trade Is Bigger Than One ETFThat wrapper matters for institutions managing enormous pools of capital. Buying IBIT avoids the operational job of holding private keys, securing wallets, and directly moving bitcoin while still delivering price exposure. The trade behaves like a conventional security inside the portfolio, even when the underlying asset certainly does not behave like one.
The next hard evidence arrives with third-quarter Form 13F filings. Those disclosures will show whether Mubadala and ADIC kept sitting on their combined 22.94 million shares, added to further weakness, or possibly took money off the table. After absorbing roughly $118 million in lost reported value without reducing their quarter-end positions, the next filing will show whether the two funds’ patience has limits.
