Bitcoin ETF Position of Abu Dhabi Funds Loses $118 Million

Bitcoin News

Two Abu Dhabi sovereign wealth funds left their Bitcoin (BTC) exposure through BlackRock’s iShares Bitcoin Trust unchanged during the second quarter, even as the position’s value declined by $118 million. SEC Form 13F filings reviewed by COINOTAG show Mubadala and the Abu Dhabi Investment Council jointly held 22,940,629 IBIT shares on June 30, worth $764 million, compared with $881 million three months earlier. The filings do not indicate any share sales. The drop reflects a sharp quarter for Bitcoin, which began April around $68,079 and reached $82,139 by May 10 before losing momentum. The trust’s price touched $46.47 the following day, briefly lifting the Abu Dhabi position to about $1.07 billion. June reversed that advance: BTC fell 17.9% during the month and closed June at $58,559, leaving the combined stake $302 million below its May peak. Mubadala reported its holdings on Aug. 14, a day after the Investment Council’s disclosure. Across both reports, the share counts matched the prior quarter exactly, showing that the drawdown was valuation-driven rather than the result of distribution or trimming. The asset remained roughly half below its $126,080 all-time high set on Oct. 6, 2025. For Bitcoin, that distinction matters: the funds absorbed a large paper loss without reducing the position.

The two Abu Dhabi vehicles experience that same Bitcoin exposure very differently. For Mubadala, IBIT represented only 1.4% of a $34.77 billion U.S.-listed portfolio at quarter-end, where chipmaker GlobalFoundries accounted for 94.7% and the ETF remained the second-largest position. The Abu Dhabi Investment Council’s book is far more concentrated: its $274 million IBIT holding made up 38% of a $714 million disclosed portfolio and stood as its largest reported position. Mubadala had increased its IBIT allocation in the first quarter, a period when Harvard reduced its own stake by 43%, and neither Abu Dhabi fund disclosed a second crypto asset. The filings arrive while other institutions have stepped back. Intesa Sanpaolo, Italy’s largest banking group, reduced its IBIT position by 93.7% and shifted toward staked Ethereum-linked products, an altcoin category that has attracted recent ETF attention. Flow data showed U.S. spot Bitcoin funds shed 3,170 BTC in late July, while Ethereum products recorded a third consecutive week of inflows. Price action had steadied after June: Bitcoin reclaimed $65,000 during July and traded near $62,957 on Saturday, still far below its record. The average buyer of U.S. spot Bitcoin ETFs was still 22% underwater at the end of July, underscoring how the June bear-market phase weighed on institutional entry points.

The separate disclosures also reveal how the same trade sits inside each fund’s broader U.S.-listed portfolio. Mubadala reported 14,721,917 IBIT shares as of June 30, valued at about $490.1 million for quarter-end purposes. That made the Bitcoin trust the second-largest position in Mubadala’s 13F portfolio by value, behind roughly $32.9 billion of GlobalFoundries shares. The Abu Dhabi Investment Council, filing a day earlier, reported 8,218,712 IBIT shares valued at about $273.6 million. For ADIC, the position was not a secondary allocation; it was the largest disclosed holding in a much tighter portfolio. Together, the two reports translate into approximately 22.94 million IBIT shares and a combined reported value near $763.7 million at the end of June. The slight difference between that figure and the $764 million combined estimate reflects rounding across the two filings. Because 13F reports only U.S.-listed securities, the disclosures capture the funds’ ETF wrapper rather than any direct Bitcoin (BTC) custody arrangement. The unchanged share counts suggest the quarter’s loss was carried as a valuation change, not as a reduction in the sovereign funds’ reported Bitcoin-linked exposure. No second crypto product appeared in either filing, leaving IBIT as the only visible Bitcoin-linked vehicle in these quarter-end snapshots.

COINOTAG’s proprietary 42-indicator composite S/R scoring engine places Bitcoin (BTC) near $63,000, with the $63,476 resistance rated 87/100, driven by Flip S-to-R and Pivot Point confluence. The nearest strong support at $61,676 scores 60/100, anchored by ATR Lower and Supertrend signals. RSI at 42.57 and a bearish MACD signal keep the broader downtrend fragile. Derivatives positioning is cautiously long: funding is modest at 0.0021%, open interest is $13.91 billion, and the long/short account ratio is 2.14, or 68.2% long. That crowded long bias alongside Fear and Greed at 34 suggests upside is possible if BTC clears $63,476 toward $64,208. A daily close below $61,676 would weaken the bullish case and open the $57,800 region.