Abu Dhabi Investment Council triples stake in Bitcoin ETF in Q3: Report

BlackRock’s spot Bitcoin ETF share price is down almost 23% since the end of the third quarter.

The Abu Dhabi Investment Council (ADIC) nearly tripled its exposure to Bitcoin during the third quarter through BlackRock’s spot Bitcoin fund, according to a recent report.

Several market participants saw it as a signal that institutional interest in crypto is still gaining momentum in the United Arab Emirates.

ADIC, an investment arm of Mubala Investment Company, told Bloomberg on Wednesday it sees Bitcoin (BTC) as the digital equivalent of gold.

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