Abu Dhabi’s BlackRock Bitcoin ETF Stake Falls in Value

1 hour ago 3

Key Takeaways

The two SEC tables total $763.7 million, slightly above the widely reported $763.6 million. IBIT’s portfolio weight rose at ADIC but nearly halved at Mubadala without either quarter-end share count changing. ADIC is wholly owned by Mubadala, so the positions come from separate entities within one sovereign investment group.

The Official Total Is $763.7 Million

Mubadala Investment Company’s Q2 information table lists 14,721,917 shares of BlackRock’s iShares Bitcoin Trust ETF, or IBIT, valued at $490,092,617 on June 30.

A separate filing by Abu Dhabi Investment Council reports 8,218,712 IBIT shares worth $273,600,922. Together, the two positions total 22,940,629 shares and $763,693,539. That rounds to $763.7 million, not $763.6 million.

The share counts match the entities’ March 31 disclosures exactly. Mubadala’s Q1 filing valued the same 14,721,917 shares at $565,616,051, while ADIC’s earlier filing valued its unchanged 8,218,712 shares at $315,762,915.

The combined quarter-end value fell from $881.4 million to $763.7 million – a decline of $117.7 million, or about 13%. Because the reported share counts were identical on both dates, the difference reflects IBIT’s lower June 30 market price rather than a net sale between the two reporting dates.

Unchanged IBIT Shares, Opposite Portfolio Effects

At ADIC, IBIT’s share of the reported portfolio rose from 32.4% in Q1 to 38.3% in Q2 even though the position’s reported value fell by $42.2 million. It became larger only in relative terms: ADIC’s 13F portfolio contracted by about 27%, from $974.8 million to $714.6 million.

Nu Holdings shows how that happened. It narrowly ranked ahead of IBIT in March, but ADIC reported 78% fewer Nu shares at the end of June. IBIT moved into first place because a competing net position was reduced and the overall reported portfolio became smaller—not because the Bitcoin ETF stake grew.

Mubadala produced the opposite result. IBIT remained its second-largest reported holding, but its portfolio weight fell from 2.8% to 1.4%. Mubadala’s 13F portfolio expanded by about 70% to $34.77 billion, driven largely by the higher reported value of its GlobalFoundries position.

The two weight changes do not show opposing Bitcoin decisions. They show why rank and portfolio percentage can mislead when separated from the rest of a filing. If the question is whether either manager changed its quarter-end IBIT allocation, the share count is more informative: it stayed flat while the two portfolio totals moved sharply in opposite directions.

World Liberty Gets Preliminary OCC Nod for Bank Charter

These Are Two Filings Within the Same Sovereign Group

The $763.7 million total combines separately reported positions from Mubadala and ADIC, but the entities are not unrelated sovereign funds. Mubadala describes ADIC as a wholly owned entity that plays a distinct role within Abu Dhabi’s sovereign investment system.

The accurate description is two Abu Dhabi reporting entities within the Mubadala group. Adding the positions is valid because the filings list separate IBIT shares, but presenting them as independent national bets would exaggerate the institutional separation behind the total.

The Filings Are a June Snapshot, Not a Live Position

Mubadala submitted its report on August 14, while ADIC filed one day earlier. Both cover holdings as of June 30. The SEC explains that Form 13F is due within 45 days of quarter-end and covers specified reportable securities over which an institutional manager exercises investment discretion.

The August filings cannot be treated as live holdings. They do not reveal the entities’ current IBIT positions, their purchase prices, any direct Bitcoin exposure or their complete investment portfolios. Identical March and June balances also cannot rule out trades made between those dates; they show only that the net quarter-end positions matched.

A future increase in the disclosed dollar value would not prove fresh buying on its own either. Only a change in the reported number of shares would show that the net quarter-end position had moved.

Form 13F filings provide delayed snapshots of specified reportable securities and may not reflect current positions or an institution’s complete portfolio. This article is for informational purposes only and is not investment advice.

The post Abu Dhabi’s BlackRock Bitcoin ETF Stake Falls in Value appeared first on Coindoo.

Read Entire Article