HK Firm Becomes Largest Holder of BlackRock Bitcoin ETF (IBIT)
Based in Hong Kong Yong Rong HK Asset Management Ltd. BlackRock has become the largest holder of the iShares Bitcoin ETF (IBIT), according to new data from Bloomberg Intelligence analysts released Friday.
Yong Rong Asset Management Purchases $38 Million BlackRock Bitcoin ETF
Bloomberg senior ETF analyst Eric Balchunas Announced that Hong Kong-based Yong Rong Asset Management purchased BlackRock iShares Bitcoin ETF (IBIT) for $ 38 million. The investment advisor became IBIT’s largest holder, accounting for more than 12% of reported assets.
“Interesting that HK now has its own ETFs. But US ETFs have an irresistible combination of low fees and high volume,” said Eric Balchunas.
Yong Rong Asset Management’s top four holdings are: Nvidia, Meta, Tesla’setc. iShares Bitcoin ETF. Meanwhile, other data sources show that the company invested over $45 million to purchase 1,127,561 IBIT units.
The Bloomberg analyst also noted:Cheating Yong Rong has the highest number of singles ETF Investing in another Hong Kong company ovata holdings bagged at four points bitcoin ETFs with total investment amount $74 million. This makes the firm the largest buyer of the Bitcoin ETF ever. The firm’s top three holdings are Fidelity Wise Bitcoin ETF (FBTC), GBTC, and Bitwise Bitcoin ETF (BITB).
US Spot Bitcoin ETF outflows narrowed to $34 million following Wednesday’s massive negative flow of over $550 million. Ark 21Shares Bitcoin ETF saw the biggest buying on Thursday.
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Warning from Bloomberg Analyst
According to an interesting theory from James Seyffart, an ETF analyst at Bloomberg, the same Hong Kong-based investment management firm’s selloff could lead to a massive exodus from IBIT.
He also suggested that Yong Rong Asset Management’s switch from BlackRock iShares Bitcoin ETF to Hong Kong-based spot Bitcoin ETF could also cause an outflow. “Potential profits taxes, if true, make this weird,” he added.
BTC price recovered above $61,000 after the labor market cooled and unemployment rose to 3.9%, above the expected 3.8%. This suggests the Fed may cut further rates this year; FED Swaps foresees 2 interest rate cuts of 25 basis points each.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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