Bitcoin Investment from Hong Kong Giant Company: It Has Become the Largest! - Coin Newsletter

Hon Kong's giant has become the largest investor in BlackRock's spot Bitcoin ETF.

Hong Kong-based investment advisory Yong Rong HK Asset Management has become the largest investor by investing $38 million in IBIT, BlackRock's spot Bitcoin exchange investment fund (ETF).

With this investment, the company has made a remarkable move by acquiring more than 12% of the assets reported by BlackRock in IBIT.

Bloomberg analyst Eric Balchunas, who made a statement on the subject, commented on the Hong Kong-based company's focus on US-based ETF instead of its spot Bitcoin ETF in its own country on the grounds of "cheaper and higher volume":

A new spot Bitcoin ETF whale has just stepped in: Hong Kong-based Yong Rong Asset Management has purchased $38 million worth of IBIT, accounting for 12% of its reported assets. This decision, which was made despite the fact that HK has its own ETF, is interesting. But U.S. ETF have the irresistible combination of low pay and high volume.