Two Abu Dhabi sovereign investment entities ended the second quarter with no net reduction in their combined holdings of BlackRock’s iShares Bitcoin Trust, even after the position’s reported value fell by roughly $118 million from the end of March.

U.S. Securities and Exchange Commission filings for holdings as of June 30 show Mubadala Investment Company and the Abu Dhabi Investment Council together held about 22.94 million IBIT shares worth approximately $763.7 million. The filings do not rule out trading during the quarter, but they do show that neither fund had retreated by quarter-end.

Holdings stayed unchanged at quarter-end

Mubadala disclosed 14,721,917 shares of IBIT valued at about $490.1 million as of June 30. The Abu Dhabi Investment Council, or ADIC, reported 8,218,712 shares valued at roughly $273.6 million. Combined, the two positions amounted to nearly $764 million.

Those same share counts were worth around $881 million at the end of March. By June 30, the decline in IBIT’s value had erased about $118 million from the reported total, yet both investors finished the quarter with the same number of shares they had previously disclosed.

What the filings do and do not show

The disclosures come through Form 13F filings, which provide quarter-end snapshots of certain U.S.-listed holdings. That means they show positions as of June 30, not every trade made between March 31 and the end of the quarter.

As a result, the filings cannot prove that Mubadala or ADIC made no transactions during the period. They can show only that, on a net basis, neither fund had reduced its IBIT position by the close of the second quarter.

Mubadala built its stake before the second-quarter drop

For Mubadala, the bitcoin ETF position is meaningful but still small relative to its reported U.S. portfolio. The filing indicates a U.S. securities portfolio of about $34.77 billion, with semiconductor company Globalfoundries making up roughly 95% of that reported value. IBIT ranked a distant second at around 1.4%.

The fund had already been increasing its exposure before the market weakness in the second quarter. In the first quarter, Mubadala raised its IBIT stake by nearly 16%, taking it from 12,702,323 shares to 14,721,917. That followed another increase of about 46% in late 2025, indicating that the position had been built over multiple quarters before the Q2 drawdown.

ADIC’s position was far more concentrated

ADIC’s filing points to a much tighter concentration in IBIT. Its 8.22 million shares, worth about $273.6 million at the end of June, represented more than one-third of its roughly $715 million reported U.S. securities portfolio.

That made IBIT ADIC’s largest disclosed U.S.-listed holding rather than a small satellite position. Even with that concentration and the quarter’s decline in reported value, the council still reported the same 8,218,712-share position at June 30.

Why the next filing matters

The ETF positions also fit into Abu Dhabi’s broader digital asset strategy, as the emirate has spent years developing regulated infrastructure for virtual-asset businesses, including exchanges, custodians, tokenization firms, and mining operations. For large institutions, a U.S.-listed bitcoin ETF offers price exposure through a regulated security without directly handling private keys or wallets.

The next confirmed update will come with third-quarter Form 13F filings. Those disclosures should show whether Mubadala and ADIC continued to hold their combined 22.94 million shares, added to the position, or reduced exposure after ending the second quarter without a net cut.

Source: news.bitcoin.com