Hong Kong Asset Management Firm Makes Major Move in Bitcoin (BTC) Market

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According to Bloomberg analyst, a major Hong Kong-based asset management company, Yong Rong Asset Management, has made a surprising move into Bitcoin Spot ETF.
The firm has invested a significant amount in the IBIT Bitcoin Spot ETF, purchasing $38 million worth, which currently makes up 12% of its reported assets.
Despite Hong Kong having its own ETFs, the irresistible combination of low fees and high volume continues to draw international investors to US ETFs.

Major Hong Kong asset management firm, Yong Rong, makes a significant investment in Bitcoin Spot ETF, highlighting the growing interest in cryptocurrency investments among traditional financial institutions.

Yong Rong’s Diversified Portfolio

According to Bloomberg’s ETF analyst Eric Balchunas, Yong Rong’s portfolio is diverse, with its top four assets being Nvidia, Meta, Tesla, and Bitcoin. While Yong Rong’s single ETF investment of $30 million in IBIT is significant, another Hong Kong firm, Ovata, owns four spot BTC ETFs worth a total of $74 million, making it the largest total investor to date.