Yong Rong Asset Management, a major asset management firm based in Hong Kong, has made a significant investment in the Bitcoin Spot ETF, according to Bloomberg ETF analyst Eric Balchunas. The firm purchased $38 million worth of the IBIT Bitcoin Spot ETF, which now accounts for 12% of its reported assets.
The move is particularly notable considering Hong Kong has its own ETFs, according to Balchunas. However, with their irresistible combination of low fees and high volume, U.S. ETFs continue to attract international investors.
According to Balchunas, Yong Rong’s portfolio is diverse, with his top four holdings consisting of Nvidia, Meta, Tesla and Bitcoin. While Yong Rong’s single $30 million ETF investment in IBIT is significant, another Hong Kong firm, Ovata, owns four of the spot BTC ETFs with a total value of $74 million, making it the largest total investor to date .
The total trading volume of six Hong Kong spot ETFs for virtual assets was HK$48.91 million, or approximately US$6.26 million, as of the close on May 3. Among them, the trading volume of Bitcoin ETF was 43.41 million Hong Kong dollars, while the trading volume of Ethereum ETF was 5.5 million Hong Kong dollars. In comparison, trading volume for 11 US Bitcoin spot ETFs on May 2 was a staggering $1.72 billion.
*This is not investment advice.
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Source: https://en.bitcoinsistemi.com/hong-kong-asset-management-company-takes-huge-bitcoin-btc-move/