Despite Bitcoin (BTC) experiencing sharp declines, interest continues to grow. At this point, the latest news came from the United Arab Emirates (UAE). Abu Dhabi Investment Council (ADIC), a subsidiary of the United Arab Emirates (UAE) sovereign wealth fund Mubadala, significantly increased its Bitcoin-related investments in the third quarter, Bloomberg reported. ADIC reportedly held approximately 8 million shares of BlackRock's spot Bitcoin ETF, IBIT, as of the end of September. The IBIT holdings were valued at $518 million, representing a more than threefold increase from the previous quarter. ADIC held 2.4 million IBIT shares three months ago. It more than tripled its position in Bitcoin ETFs in the third quarter. Describing the expansion of Bitcoin investments as “part of a short-term and long-term strategy,” ADIC said: “We view Bitcoin as a store of value (SoV) similar to gold. As the world moves towards a digitalized future, Bitcoin will play an increasingly important role alongside gold.” Mubadala's interest in Bitcoin is not new. In 2023, the fund announced a strategic partnership with crypto mining company Marathon Digital and Abu Dhabi-based Zero Two to establish a BTC mining facility in the region. *This is not investment advice. Continue Reading: United Arab Emirates Makes Fast Progress! Bitcoin (BTC) Holdings Tripled!
