Hong Kong-Based Dev Firm Makes Record-Breaking Bitcoin Investment: A New Milestone in Crypto World (BTC)
- Yong Rong HK Asset Management, a Hong Kong-based investment advisory firm, has become the largest investor in BlackRock’s spot Bitcoin exchange-traded fund (ETF), IBIT, with a $38 million investment.
- The company, with this investment, has purchased more than 12% of the assets reported specifically for IBIT by BlackRock, marking a significant move.
- Bloomberg analyst Eric Balchunas commented on the matter, interpreting the Hong Kong-based company’s preference for US-based ETFs over spot Bitcoin ETFs in its own country as a result of “cheaper and higher volume”.
Yong Rong HK Asset Management becomes the largest investor in BlackRock’s Bitcoin ETF, marking a significant move in the crypto investment landscape.
Yong Rong HK Asset Management Invests $38 Million in BlackRock’s Bitcoin ETF
Yong Rong HK Asset Management, a Hong Kong-based investment advisory firm, has made a significant move in the crypto investment landscape. The firm has invested $38 million in BlackRock’s spot Bitcoin exchange-traded fund (ETF), IBIT, becoming the largest investor in the fund. This move signifies a growing interest in cryptocurrency investments among traditional financial institutions.
Company Purchases More Than 12% of BlackRock’s Reported Assets
With this investment, Yong Rong HK Asset Management has purchased more than 12% of the assets reported specifically for IBIT by BlackRock. This move highlights the firm’s confidence in the potential of Bitcoin and other cryptocurrencies, despite the volatile nature of the crypto ... Read the full article for FREE at COINOTAG!
