Breaking: HK Firm Becomes Top Holder In BlackRock Bitcoin ETF (IBIT) – Bloomberg

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Hong Kong-based Yong Rong HK Asset Management Ltd has become the largest holder in BlackRock iShares Bitcoin ETF (IBIT), as per new data revealed by Bloomberg Intelligence analyst on Friday.

Yong Rong Asset Management Bought $38M BlackRock Bitcoin ETF

Bloomberg senior analyst Eric Balchunas revealed Yong Rong Asset Management based in Hong Kong purchased $38 million of BlackRock iShares Bitcoin ETF (IBIT). The investment advisor became the largest holder of IBIT, accounting for more than 12% of reported holdings.

“Interesting given HK has own ETFs now. But US ETFs have that irresistable combo of low fee and high volume,” said Eric Balchunas.

Yong Rong Asset Management’s top four holdings are Nvidia, Meta, Tesla, and iShares Bitcoin ETF. Meanwhile, other data sources indicate the company has invested over $45 million to buy 1,127,561 IBIT units.

Bloomberg analyst also pointed out that while Yong Rong has the highest single ETF investment another Hong Kong firm Ovata bagged holdings in four spot bitcoin ETFs with total investment of $74 million. This makes the firm biggest buyer of Bitcoin ETF yet. The top three holdings of the firm are Fidelity Wise Bitcoin ETF (FBTC), GBTC, and Bitwise Bitcoin ETF (BITB).

The U.S. Spot Bitcoin ETF outflows narrowed to $34 million after Wednesday’s massive negative flows of over $550 million. Ark 21Shares Bitcoin ETF saw the largest buying on Thursday.

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