Bitcoin erased $118 million from Abu Dhabi’s ETF holdings, but its sovereign funds kept every share

- Abu Dhabi's sovereign funds just sat through a $118 million paper loss on BlackRock's Bitcoin ETF without flinching. Mubadala and the Abu Dhabi Investment Council held all 22.94 million IBIT shares steady through Q2 — and when I say steady, I mean diamond-stack-eye steady while Bitcoin bled out from $88K to $63K. Harvard, meanwhile, dumped 43% of its position. Nothing says "institutional conviction" like a sovereign wealth fund treating a 27% drawdown as a buying opportunity it already took. Of course, these filings only show the ETF wrapper — Michael Tanguma from Onramp Bitcoin suspects they may hold spot BTC in cold storage too, which means the real number could be buried deeper