Bitcoin Drop Cost Abu Dhabi $118 Million: Will They Sell?

Two Abu Dhabi sovereign funds lost $118 million on their BlackRock Bitcoin ETF position last quarter. Neither sold a single share, new SEC filings show.

Mubadala Investment Company and the Abu Dhabi Investment Council together reported 22.94 million shares of the iShares Bitcoin Trust (IBIT) on June 30. That stake was worth $764 million, down from $881 million three months earlier.

InvestorFirst reported positionLatest confirmed holdingMubadala8,235,533 IBIT shares, $436.9m14,721,917 sharesADIC / Al Warda2,411,034 shares, $147.6m8,218,712 sharesCombined—22,940,629 shares Bitcoin Peaked in May Before June Erased the Quarter Yet the quarter-on-quarter number hides a violent round trip.

Bitcoin (BTC) opened April near $68,079 and climbed to $82,139 by May 10. IBIT touched $46.47 the following day. At that mark, the two funds sat at roughly $1.07 billion, well above where they started the quarter. June wiped it out.