Abu Dhabi's Mubadala Investment Company and Abu Dhabi Investment Council kept their positions in BlackRock's spot bitcoin ETF (IBIT) untouched during the second quarter, absorbing a paper loss of roughly $118 million without selling a single net share. The combined stake was valued at almost $764 million as of June 30.
No net sales in Q2
The two state-linked investors reported their holdings in the iShares Bitcoin Trust for the three months ending June 30. Neither fund sold any net shares, according to the disclosures. That means both entities ended the quarter with the same number of IBIT units they started with.
A $118 million markdown
The decision to hold came at a cost. The combined positions lost about $118 million in value during the quarter, a paper hit that comes with holding a volatile asset like bitcoin. For sovereign funds that typically think in decades, the loss is a footnote, but it's still a real number on the balance sheet.
What's left on the table
As of the end of June, the two funds' IBIT holdings were worth nearly $764 million. That's a sizable chunk of change for a digital asset that's still finding its footing among institutional investors. The fact that Mubadala and the Abu Dhabi Investment Council didn't trim their positions stands out in a quarter when some big holders trimmed their crypto exposure.
