Two Abu Dhabi sovereign funds took a $118 million hit on their BlackRock Bitcoin ETF position in the second quarter of 2025, but they didn't sell a single share. Mubadala Investment Company and the Abu Dhabi Investment Council held all 22.94 million IBIT shares through the downturn, according to new regulatory filings. The stake was worth $764 million on June 30, down from $881 million three months earlier.
The size of the stake
Mubadala held 14.72 million IBIT shares, while the Abu Dhabi Investment Council held 8.22 million as of the end of June. Bitcoin's price swung from about $68,079 in April to $82,139 on May 10, then fell 17.9% in June to close at $58,559. That left the funds' combined position $302 million below its May peak.
The exposure isn't even across their books. IBIT represents just 1.4% of Mubadala's $34.77 billion US portfolio. For the Abu Dhabi Investment Council, it's a much bigger bet — 38% of its $714 million US book.
A patient pair
Neither fund budged. That's notable because Mubadala actually increased its IBIT position in the first quarter, adding shares right before the slide. The decision to hold through a 17.9% monthly drop suggests a longer-term view than the average ETF trader.
That patience isn't universal. Harvard cut its IBIT stake by 43% during the same period. Italy's largest bank, Intesa Sanpaolo, slashed its holding by 93.7% and shifted toward staked Ethereum products instead.
A wider ETF picture
The Abu Dhabi funds are holding while the broader market wavers. Spot bitcoin funds saw net outflows of 3,170 BTC in late July, while Ethereum funds posted inflows for a third straight week. At the end of July, the average US spot bitcoin ETF buyer was 22% underwater.
Bitcoin has recovered some ground since then, reclaiming $65,000 in July and trading near $62,957 — still about 50% below its record high of $126,080 set on Oct. 6, 2025. The next test for Mubadala and the Investment Council comes when they file their third-quarter positions. Whether they keep holding through another leg down, or finally trim, will say a lot about how sovereign money views bitcoin's staying power.
