Abu Dhabi Funds Add to Bitcoin Bets Despite Crypto Rout

Abu Dhabi Funds Add to Bitcoin Bets Despite Crypto Rout

Abu Dhabi’s Mubadala Investment Co. and one of its units boosted their positions in a Bitcoin exchange-traded fund during the fourth quarter, adding to their holdings amid a significant downturn in the cryptocurrency market.

The sovereign wealth fund increased its holding in BlackRock Inc.’s iShares Bitcoin Trust ETF by 46% from the previous quarter to 12.7 million shares as of Dec. 31, according to a filing. Abu Dhabi Investment Council, an independently-run unit of Mubadala, also boosted its position by 3% to 8.2 million shares through a subsidiary.

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