The Abu Dhabi Investment Council (ADIC) expanded its exposure to Bitcoin ahead of the cryptocurrency’s sharp downturn, more than tripling its stake in BlackRock’s iShares Bitcoin Trust (IBIT) during the third quarter, regulatory filings show.

ADIC — an independently run investment unit within Mubadala Investment Co. — increased its holdings to nearly 8 million IBIT shares as of Sept. 30. 

The position was valued at about $518 million at the time, up from 2.4 million shares three months earlier, according to Bloomberg reporting. 

The accumulation by the Abu Dhabi council came just weeks before Bitcoin surged to a record high in early October and then slid below…

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