Abu Dhabi Funds Add to Bitcoin Bets Despite Crypto Rout

Abu Dhabi’s Mubadala Investment Co. and one of its units boosted their positions in a Bitcoin exchange-traded fund during the fourth quarter, adding to their holdings amid a significant downturn in the cryptocurrency market.

The sovereign wealth fund increased its holding in BlackRock Inc.’s iShares Bitcoin Trust ETF by 46% from the previous quarter to 12.7 million shares as of Dec. 31, according to a filing. Abu Dhabi Investment Council, an independently-run unit of Mubadala, also boosted its position by 3% to 8.2 million shares through a subsidiary.