Bloomberg: Abu Dhabi Investment Authority Tripled Bitcoin Bet Months Before Cryptocurrency Crash

BlockBeats News, November 19, according to Bloomberg, the Abu Dhabi Investment Council significantly increased its holdings in a Bitcoin exchange-traded fund (ETF) in the third quarter, just before the cryptocurrency bull market turned into a brutal sell-off.

According to a regulatory filing, this institution, which operates independently from the sovereign wealth fund Mubadala Investment Co., increased its holdings in the BlackRock Inc. iShares Bitcoin Trust ETF to nearly 8 million shares as of September 30. The holding, disclosed by a subsidiary of ADIC, was valued at approximately $518 million at the time. Three months prior, the institution held 2.4 million shares.