The Bitcoin Beacon
Mubadala raised its ETF stake 16% while US funds bled for an eighth straight week.
US spot bitcoin ETFs have now bled for eight consecutive weeks — more than $8.2 billion in two months, $527 million of it in the four-day week to July 3, with BlackRock’s IBIT down eleven straight sessions. Somebody is on the other side of that tape. Regulatory filings show who.
Mubadala, Abu Dhabi’s sovereign wealth fund, lifted its IBIT position 16% in the first quarter — two million more shares, to 14.7 million, worth about $566 million at the filing mark. The Abu Dhabi Investment Council held its own stake unchanged. Together, the emirate’s disclosed exposure through wrapped securities tops $1 billion.
Sovereign funds custody through regulated wrappers because audit mandates demand it — not because they trade like the crowd. Their liabilities run in decades. Against that horizon, an eight-week outflow streak reads less like a verdict and more like a discount window.
The marginal buyer of this drawdown is patient state capital — the reverse of 2022, when states watched and leverage bought.
One quarter’s 13F is a snapshot, not a strategy; second-quarter positions won’t be public until August. But the direction matches the year’s pattern — seized-coin reserves, state mining ventures, ETF stakes. States keep arriving. They just don’t tweet.
Editor’s note: 13F data is as of March 31, disclosed in May — “keeps buying” refers to first-quarter accumulation set against the current outflow streak.
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