ADIC triples its Bitcoin ETF stake in a volatile quarter, signaling rising institutional conviction.
ADIC did this through BlackRock’s spot Bitcoin ETF, which makes it even more intriguing.
According to a Bloomberg report, ADIC boosted its holdings in BlackRock’s IBIT fund from 2.4 million shares to almost 8 million by Sept. 30. At the time, ADIC valued the position at around $520 million. The ETF ended Q3 at $65 per share and climbed to $71 a few days later, right after Bitcoin hit a new all-time high of $125,100.
ADIC described Bitcoin as “digital gold,” suggesting how seriously they view its long-term value. For them to triple-expose during a rocky period suggests a high level of conviction.
Despite the aggressive buying, the IBIT fund hasn’t had an easy month. The ETF also dropped as Bitcoin dropped below $100,000. By Wednesday, IBIT was trading at $50.71, down about 23% from the end of Q3. Over the past 30 days, the ETF has fallen roughly 19%. The downturn came right after IBIT saw its biggest daily outflow, over $523 million, as Bitcoin briefly hit $88,000.
Despite the pullback, many in the industry viewed ADIC’s increased position as a sign of confidence. Zayed Aleem from M2 called it a “fantastic” sign of strong institutional belief. He added that it shows the UAE is becoming a major global hub for digital assets.
Crypto commentator MartyParty agreed, saying the move shows ADIC views Bitcoin as a long-term store of value. ETF analyst Eric Balchunas said IBIT is in an “ugly stretch,” but its year-to-date inflows remain huge at about $25 billion. Since launch, IBIT has gathered over $63 million in net inflows.
ADIC tripling its Bitcoin ETF holdings during a price drop shows that some big players are in it for the long term, not short-term dips. Whether Bitcoin rises or falls this year, moves like this show institutional confidence is sticking around.
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LATEST: 💰 The Abu Dhabi Investment Council nearly tripled its Bitcoin exposure during Q3 to hold $520M worth of shares in BlackRock's iShares Bitcoin Trust ETF, with the sovereign wealth fund characterizing BTC as digital gold.
$IBIT had worst day of outflows ever yesterday about half a billion. Ugly stretch, although YTD flows still at an astronomical +$25b (6th overall). All told $3.3b in total outflows past month from btc ETFs, which is 3.5% of aum.
