00:00Tell us what we know in terms of their holdings and when they added to this position. Yeah.
00:06So you can see that they've more than tripled their position right in the weeks and months up to the sell off.
00:12So you know it hit a record high in October and we can see that they've tripled their position during the third quarter.
00:19They disclosed a position at the end of September that was worth around $520 million. And we can see that this is really going
00:26to be a part of their portfolio going forward. They're saying that they want to diversify it and they really see it as the digital equivalent of gold.
00:33And by the way I should correct myself. I meant to say half a billion dollars not half a trillion. That would be tremendous.
00:38But Ben getting back to you in London when it comes to the Abu Dhabi Investment Council. Just give us a sense of how this holding of Bitcoin fits in with
00:47their overall portfolio. What is their investment strategy. Yeah sure. So they would invest their investment unit of Mubadala.
00:55They're kind of run separately. But this really seems to be part of the overall strategy by Abu Dhabi and the United Arab Emirates
01:02more generally to become a hub for crypto as well as just to really become a player in the markets. You can see that Mubadala itself
01:10also has significant holdings in Bitcoin ETFs. They've set up new funds such as MGX that have done deals with crypto exchanges like
01:19finance. And you can really see that you know they see this as an important long term diversification play. And how significant would
01:26you say Abu Dhabi Investment Council's move into the crypto sector is not just for this entity but for the region at large.
01:34Yeah. Well look it really gives a growing legitimacy. You know there's been a lot of questions about you know institutional
01:41interest in it. Is it here to stay or is it just a fleeting thing. You know we do see a lot of sell offs in the Bitcoin ETFs
01:49recently as investor sentiment has turned. But it looks like the Abu Dhabi Investment Council is going to be in it for the long term. And this just
01:56really gives it legitimacy when you know a state owned fund by one of the richest countries is plowing some of the reserve money
02:04into this. You can see that this is something that they really believe in. Right. I think most people have heard of Mubadala
02:10which you mentioned is the sovereign wealth fund. What exactly is the relationship between the Abu Dhabi Investment Council
02:15and Mubadala. I know that you said it's a unit of it. But how did that develop over time. Yeah sure. So there used to be a separate state
02:24owned fund. They're mostly invested in private markets particularly in North America. They've since been trying to diversify.
02:32A few years ago just to sort of simplify the management. They were folded into Mubadala. But they're still run very separately.
02:39You know they have their own investment strategy that's different from the rest of Mubadala. And but you can see that both them
02:46and their ultimate parent company they're both very interested in crypto and are looking for ways that they can play this.
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