According to Bloomberg Senior ETF Analyst Eric Balchunas, Hong Kong-based alternative investment firm Yong Rong Asset Management has picked up $38 million in shares of BlackRock’s iShares Bitcoin Trust (IBIT).
According to Bloomberg Senior ETF Analyst Eric Balchunas, Hong Kong-based alternative investment firm Yong Rong Asset Management has picked up $38 million in shares of BlackRock’s iShares Bitcoin Trust (IBIT).
Notably, this represents an impressive 12% of the fund’s total holdings. Despite the recent launch of cryptocurrency ETFs in Hong Kong, Balchunas says the firm likely opted for a US-based Bitcoin ETF due to the appeal of low fees and high volume.
Earlier this week, BNP Paribas, Europe’s largest banking group, also recently revealed that it owns a small amount of IBIT shares in what appears to be another sign of widespread adoption.
As reported by Guru-InvestingBlackRock’s IBIT term his entry streak on April 25 in 73 days. Amid the recent Bitcoin price crash, the record-breaking ETF recorded its first outflows on May 2. IBIT even recorded the largest ever discount on its underlying asset earlier this week, and Bitcoin ETFs came under heavy pressure.
However, despite the poor performance of Bitcoin ETFs in recent weeks, BlackRock remains very bullish. During a recent interviewRobert Mitchnick, head of digital assets at the financial giant, predicted that IBIT could see a flood of investments from institutional investors, including sovereign wealth funds. Currently, these institutions are in the midst of conducting their due diligence. In fact, institutional investors have been collaborating with BlackRock regarding Bitcoin for several years.
As reported According to Guru-InvestingMitchnick recently noted that there was little demand for Ethereum, which is why BlackRock is primarily focusing on Bitcoin.
