Hong Kong Asset Management Firm Acquires $38M in BlackRock’s Crypto Coin IBIT

• Yong Rong Asset Management, a Hong Kong-based investment firm, has purchased $38 million worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT), according to Eric Balchunas, Bloomberg’s senior ETF analyst.
• This acquisition represents 12% of the fund’s total holdings, despite the recent launch of cryptocurrency ETFs in Hong Kong.
• BNP Paribas, Europe’s largest banking group, has also disclosed holding a small number of IBIT shares, indicating a growing trend of mainstream adoption.

Yong Rong Asset Management acquires $38 million worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT), marking a significant move towards mainstream adoption of cryptocurrency.

Yong Rong Asset Management’s Significant Investment in Bitcoin ETF

Yong Rong Asset Management’s acquisition of $38 million worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT) represents a significant investment in the cryptocurrency market. Despite the recent launch of cryptocurrency ETFs in Hong Kong, the firm opted for a U.S.-based Bitcoin ETF, likely due to the allure of low fees and high volume.