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HK Firm Tops BlackRock’s Bitcoin ETF (IBIT) Holdings

HK Firm Tops BlackRock’s Bitcoin ETF (IBIT) Holdings

According to fresh information released by a Bloomberg Intelligence analyst on Friday, Hong Kong-based Yong Rong HK Asset Management Ltd has emerged as the most significant stakeholder in the BlackRock iShares Bitcoin ETF (IBIT).

Yong Rong Management of Assets $38 million BlackRock Bitcoin ETF purchase

Eric Balchunas, a senior ETF analyst at Bloomberg, disclosed that Hong Kong-based Yong Rong Asset Management had acquired $38 million worth of BlackRock iShares Bitcoin ETF (IBIT). The investment advisor became the largest holder of IBIT, accounting for more than 12% of reported holdings.

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“Remarkable considering H.K. has own ETFs now. But U.S. ETFs have that irresistible mix of low fee and large volume,” said Eric Balchunas.

Yong Rong Asset Management’s top four holdings are the iShares Bitcoin ETF, Tesla, Meta, and Nvidia. In the meantime, additional data sources show that the corporation purchased 1,127,561 IBIT units for more than $45 million.

A Bloomberg analyst also noted that although Yong Rong has the most significant single ETF investment, Ovata, a Hong Kong company, has invested $74 million overall in four spot bitcoin ETFs. This makes the firm the biggest purchase of Bitcoin ETF yet. Bitwise Bitcoin ETF (BITB), GBTC, and Fidelity Wise Bitcoin ETF (FBTC) are the firm’s top three holdings.

The U.S. Spot Bitcoin ETF outflows decreased to $34 million after Wednesday’s enormous negative flows of over $550 million. The most purchases on Thursday were made in the Ark 21Shares Bitcoin ETF.

Warning From Bloomberg Analyst

In an exciting theory by James Seyffart, ETF analyst at Bloomberg, a selloff by the same Hong Kong-based investment management firm could cause significant 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, which can also cause outflow. “If true, potential gains taxes make this strange,” he continued.

Following a cooling labor market and an unexpected increase in unemployment to 3.9% from 3.8%, the price of bitcoin rebounded over $61,000. This means the Fed can still have further rate cuts this year, with FED Swaps suggesting two rate reduction of 25 bps each.

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