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

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 ETF 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.

Also Read: Pro-XRP Lawyers Say Ripple Will Lose Motion Against US SEC

Warning From Bloomberg Analyst

In an interesting theory by James Seyffart, ETF analyst at Bloomberg, a selloff by the same Hong Kong-based investment management firm could cause major outflow from IBIT.

In addition, he speculated that Yong Rong Asset Management could migrate from BlackRock iShares Bitcoin ETF to a Hong Kong-based spot Bitcoin ETF can also cause outflow. “Potential gains taxes make this strange if true though,” he added.

BTC price recovered over $61,000 after cooling labor market and an increase in unemployment to 3.9%, higher than expected 3.8%. This indicates the Fed can still have more rate cuts this year, with FED Swaps indicating 2 rate cuts of 25 bps each.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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