The Abu Dhabi Investment Authority tripled its bet on Bitcoin months before the cryptocurrency crash

According to Bloomberg, the Abu Dhabi Investment Council (ADIC) more than tripled its holdings in the Bitcoin exchange-traded fund (ETF) in the third quarter, just before the cryptocurrency bull market turned into a brutal sell-off.

According to a regulatory filing, the institution, which operates independently from the sovereign wealth fund Mubadala Investment Co., increased its stake in BlackRock Inc.'s iShares Bitcoin Trust ETF to nearly 8 million shares as of September 30. The holdings were disclosed by a subsidiary of ADIC and were valued at approximately $518 million at the time. Three months earlier, the institution held 2.4 million shares.