Mubadala Investment Company and the Abu Dhabi Investment Council (ADIC) absorbed a combined hit to their BlackRock spot bitcoin ETF holdings in the second quarter without selling a single net share. The two funds still held nearly $764 million in IBIT shares on June 30, filings show.
Abu Dhabi Takes the Hit and Holds the Line
Mubadala and ADIC disclosed the positions in filings with the U.S. Securities and Exchange Commission covering holdings as of June 30. Together, the funds reported approximately 22.94 million shares of BlackRock's iShares Bitcoin Trust, known by its ticker IBIT. Mubadala held 14,721,917 shares worth approximately $490.1 million. ADIC held 8,218,712 shares worth about $273.6 million. Neither fund reduced its position.
At the end of March, those same shares were worth roughly $881 million. By June 30, about $118 million of that value had vanished. Prices fell, yet both funds finished the quarter holding the exact same number of shares. Form 13F filings are snapshots, not surveillance cameras, so they cannot prove nothing traded between March 31 and June 30 — they show only that neither fund made a net retreat by quarter's end.
Mubadala Built Its Position Before the Pain Arrived
For Mubadala, IBIT is substantial without dominating the book. Its roughly $34.77 billion reported U.S. portfolio is overwhelmingly controlled by chipmaker GlobalFoundries, at about 95% of reported value, with IBIT a distant second at roughly 1.4%. Still, Mubadala built the position deliberately: it increased its IBIT stake by nearly 16% in the first quarter, lifting its holding from 12,702,323 to 14,721,917 shares, after a roughly 46% increase in late 2025.
ADIC, by contrast, runs far more concentrated. Its 8.22 million IBIT shares represented more than one-third of its roughly $715 million reported U.S. portfolio — the fund's largest disclosed U.S.-listed holding. A position that size can't absorb a drawdown the way a 1.4% stake can, but ADIC held its full 8,218,712 shares through the quarter regardless.
What the Next Filing Will Show
The holdings fit into Abu Dhabi's broader push to build regulated digital-asset infrastructure, spanning exchanges, custodians and mining operations. Buying IBIT lets that capital gain bitcoin price exposure through a regulated spot bitcoin ETF without holding private keys directly.
Third-quarter Form 13F filings will show whether Mubadala and ADIC kept sitting on their combined 22.94 million shares, added to the position, or trimmed it. After absorbing roughly $118 million in lost value without touching their share count, the next disclosure will test how far that patience extends.
Source: Bitcoin News
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