Bitcoin fell from its October 2025 record near $126,000 to a June 2026 low around $57,750, a decline of roughly 53%. During that stretch, Robbie Mitchnick, BlackRock’s head of digital assets, argued that the market’s strongest demand had moved elsewhere: into artificial-intelligence companies and the infrastructure built around them.

Mubadala and Abu Dhabi Investment Council ended the second quarter with the same net IBIT share counts they reported in March, even as the combined value fell by $117.7 million. Changes elsewhere in their portfolios made that unchanged Bitcoin ETF position more prominent at ADIC and less prominent at Mubadala.

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