UAE Investment Council Doubles Bitcoin Stake Amid Market Correction

The Abu Dhabi Investment Council (ADIC) significantly boosted its investment in BlackRock’s Bitcoin exchange-traded fund (ETF), nearly tripling its holdings during the third quarter. This move reflects the United Arab Emirates’ growing commitment to digital assets, despite recent turbulence in both the cryptocurrency market and the ETF prices. The surge coincides with Bitcoin hitting an all-time high above $125,000 before experiencing a decline to below $90,000. 3Q ended before the record-breaking price surge but ADIC believes this investment reflects Bitcoin’s value as a digital equivalent to gold.