Abu Dhabi Investment Council Triples Bitcoin ETF Holdings in Q3 2025

TLDR

• Abu Dhabi Investment Council increased its BlackRock IBIT holdings from 2.4 million to nearly 8 million shares during Q3 2025
• The position was valued at approximately $520 million as of September 30, 2025
• ADIC views Bitcoin as a digital equivalent of gold and a store of value
• The investment represents about 230% growth in the fund’s Bitcoin ETF position
• BlackRock’s IBIT has experienced recent outflows, including a record $523 million single-day redemption in November

The Abu Dhabi Investment Council expanded its Bitcoin exposure by nearly three times during the third quarter of 2025. Regulatory filings released November 19 show ADIC increased its holdings in BlackRock’s iShares Bitcoin Trust from roughly 2.4 million shares to almost 8 million shares by September 30.

The position was valued at approximately $518 million based on IBIT’s closing price at the end of the quarter. ADIC operates as an independent arm within Abu Dhabi’s sovereign wealth structure. The exact share count reached 7,963,393 according to the filings.

The increase represents a gain of between 230% and 233% depending on the precise starting position. ADIC told Bloomberg it considers Bitcoin a digital store of value similar to gold. The fund views the allocation as part of a long-term strategy to diversify away from oil-based revenue.

The third quarter ended just before Bitcoin reached an all-time high of $125,100 on October 5. IBIT shares closed the quarter at $65 and briefly rose to $71 on October 6. The timing of the purchase came during a period of Bitcoin price gains.

Bitcoin has since declined below $90,000 as of the date of the filings. IBIT closed at $50.71 on the Wednesday the news was reported. This represents a decline of about 23% from the end of the third quarter.

Market Conditions and ETF Performance

The Bitcoin price pullback has affected spot Bitcoin ETF performance across the market. IBIT experienced its largest single-day outflow since launching in January 2024, totaling $523.2 million in November. ETF analyst Eric Balchunas described IBIT as having an “ugly stretch” despite year-to-date flows of $25 billion.

Total outflows from Bitcoin ETFs reached $3.3 billion over the past month according to Balchunas. This represents 3.5% of assets under management. Bitcoin was trading at $92,089 at the time the news was published.

IBIT has recorded approximately $63.12 million in net inflows since its January 2024 launch according to Farside data. The fund ranks sixth overall in terms of total flows. Market conditions remain volatile as Bitcoin trades below its October peak.

UAE’s Broader Digital Asset Strategy

Mubadala Investment Company, Abu Dhabi’s flagship sovereign wealth fund, maintained its existing 8.7 million-share IBIT position during Q3. Combined with ADIC’s holdings, the two entities held roughly 16.7 million to 16.96 million shares. This represents approximately $1.085 billion in exposure at third quarter prices.

The ETF investments complement Abu Dhabi’s direct Bitcoin exposure through mining operations. These include partnerships with Citadel Mining and the Marathon Digital-Zero Two joint venture. On-chain estimates suggest these operations have added thousands of mined Bitcoin to the emirate’s portfolio.

Crypto investment platform M2 treasury manager Zayed Aleem said the move shows institutional conviction. He noted it signals the UAE’s position as a hub for digital assets. Crypto commentator MartyParty described the position as a strategic bet on Bitcoin’s role as a store of value.

The UAE ranks among the largest sovereign holders of Bitcoin through regulated U.S. ETFs. ADIC’s representative stated the allocation represents a small but meaningful component of the fund’s portfolio. The investment aligns with Abu Dhabi’s transition planning beyond oil revenue streams.

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