Despite recent market fluctuations, the United Arab Emirates has witnessed a significant surge in Bitcoin investments. Abu Dhabi Investment Council (ADIC), a subsidiary of the UAE sovereign wealth fund Mubadala, significantly expanded its Bitcoin exposure during the third quarter. According to Bloomberg, ADIC’s holdings in BlackRock’s spot Bitcoin ETF, IBIT, rose threefold from the previous quarter. The investment now stands at approximately 8 million shares worth $518 million, as of September. 3. This marks a substantial increase from their position just three months ago, when they held 2.4 million IBIT shares. ADIC views this expansion as part of a long-term strategy to embrace Bitcoin’s role in the digital economy, comparing it to gold’s function as a store of value.