Abu Dhabi Investment Council nearly tripled its holdings in BlackRock’s iShares Bitcoin Trust during the third quarter, going from about 2.4 million shares to nearly 8 million by September 30. The position was valued at approximately $518 million at the end of the quarter.
Make big purchases ahead of price peaks
According to market reports, this rally occurred just before Bitcoin hit a new high in early October, when it surpassed the $125,000 mark. The timing allowed the fund to significantly expand its exposure to Bitcoin-linked ETFs as investor sentiment became more volatile.
Sovereign funds increasing their ETF positions by this size sends a clear message about how some large retail investors view cryptocurrencies as an asset class worth owning.
That doesn’t mean betting is risk-free. ETF shares are subject to redemption, the market is volatile, and paper profits can quickly evaporate if prices reverse.
ADIC had reportedly treated ETFs as long-term stores of value, but short-term price movements are already testing that view.
JUST IN: 🇦🇪 UAE National Fund triples stake in BlackRock Bitcoin ETF.
— Watcher.Guru (@WatcherGuru) November 19, 2025
Record withdrawals hit fund
Spot ETFs then faced large redemptions in November. BlackRock’s IBIT experienced record single-day outflows of approximately $523 million, making it the largest single-day withdrawal since the ETF was launched in January 2024. The outflow was part of redemptions in the same month and signaled growing alarm among some holders.
Image: Emerging Market Financial Training
These redemptions come as Bitcoin has fallen from its October highs. The pullback has left some big buyers holding positions that don’t look very favorable on paper.
Some analysts argue that these moves (both large buys and sells) are part of institutional investors’ normal allocation cycles. Some warn that rapid inflows and outflows could magnify price volatility for everyone in the market.
Signal to other investors
The increase in ADIC indicates that some in the global investment community are willing to use regulated US ETFs to gain exposure to Bitcoin, according to the report.
A preference for regulated vehicles can increase the buyer base in good times, but it can also create new pressure points if sentiment shifts and large redemptions occur.
Bitcoin is trading at $91,667 in the last 24 hours. Chart: TradingView
A major public fund made a bold investment in Bitcoin through a major US ETF, and did so just before the market cooled down. The trade highlights both the growing mainstream interest in cryptocurrencies and the risks associated with quickly entering and exiting large ETF positions.
On the other hand, the facts are clear. By the end of the quarter, holdings had soared to nearly 8 million shares of IBIT stock worth about $518 million, and the ETF has since seen record single-day outflows of $523 million as prices have fallen from early October highs.
Featured images from Wanderlust Magazine, Charts from TradingView
