Bitcoin erased $118 million from Abu Dhabi’s ETF holdings, but its sovereign funds kept every share

Two Abu Dhabi sovereign investors kept their BlackRock Bitcoin ETF holdings unchanged through the second quarter, retaining $764 million of exposure even as the cryptocurrency remained mired in one of its steepest annual declines.Mubadala Investment Company and the Abu Dhabi Investment Council held a combined 22.94 million shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT) as of June 30, regulatory filings show.Neither reduced its share count during the quarter.The decision meant the funds absorbed the decline in IBIT. Their combined positions were valued at about $881.4 million at the end of March, implying roughly $118 million of value was erased during the second quarter even though the number of shares remained unchanged. Mubadala’s stake alone fell in reported value to $490.1 million from $565.6 million.Mubadala held 14,721,917 IBIT shares as of June 30, the same amount it owned three months earlier. The position remained its second-largest reported holding in its $34.8 billion 13F portfolio, behind GlobalFoundries.The sovereign investor had increased its position by almost 16% during the first quarter, adding more than 2 million shares as Bitcoin weakened. It had previous...