Combined Stake Totals $763.7 Million

Mubadala Investment Company and the Abu Dhabi Investment Council (ADIC) reported a combined 22,940,629 shares of BlackRock's iShares Bitcoin Trust ETF (IBIT) worth $763,693,539 as of June 30, according to their latest U.S. Securities and Exchange Commission (SEC) Form 13F filings. The total rounds to $763.7 million, slightly above the $763.6 million figure widely cited in coverage of the disclosures.

Mubadala's Q2 information table lists 14,721,917 IBIT shares valued at $490,092,617 on June 30. A separate filing by ADIC reports 8,218,712 IBIT shares worth $273,600,922. Together, the two positions total 22,940,629 shares and $763,693,539, which rounds to $763.7 million rather than $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 decrease reflects IBIT's lower market price on June 30 rather than a net sale between the two reporting dates. For readers tracking sovereign-wealth exposure to listed bitcoin products, the filings matter less as a trading signal than as a window into how large institutions report and size these positions at quarter end.

Unchanged 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 as the position's reported value fell by $42.2 million. The weighting grew only in relative terms: ADIC's 13F portfolio contracted by about 27%, from $974.8 million to $714.6 million.

Nu Holdings illustrates how that happened. The stock 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 the fund's 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. On the question of whether either manager changed its quarter-end IBIT allocation, the share count is the more informative measure: it stayed flat while the two portfolio totals moved sharply in opposite directions.

Two Filings Within One 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 (Mubadala annual report).

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.

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. According to the SEC's guidance on Form 13F, the form 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 by itself prove fresh buying. Only a change in the reported number of shares would show that the net quarter-end position had moved.

The Form 13F information tables underlying the Q1 and Q2 comparisons are available on SEC EDGAR: table 1, table 2, table 3, table 4.

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.