In what is certainly an interesting development, Hong Kong-based asset managers reported purchasing $112 million worth of US Spot Bitcoin ETFs. Specifically, data shows that Yong Rong Asset Management had purchased $38 worth of BlackRock’s iShares Bitcoin Trust (IBIT).
Additionally, Ovata Capital Management, also based in Hong Kong, has filings showing investment in four other Spot Bitcoin ETFs with a value of more than $74 million. Moreover, the development is an interesting one considering the presence of these BTC investment offerings in Hong Kong as of April.
Also Read: Ethereum ETFs to Outdo Bitcoin ETFs in Hong Kong, Expert Predicts
Hong Kong Asset Managers Buy Big on US Bitcoin ETFS
Only five months into 2024, Bitcoin ETFs have become one of the year’s most important facets of the finance sector. With the United States granting approval for the issuance of the products in January, they have dominated discourse. That has only magnified with Hong Kong granting similar approvals in April.
Thus far, the US offerings have proven to outpace Hong Kong’s, although they are in very different circumstances. However, an interesting development regarding these investments has begun to manifest. Specifically, Hong Kong asset managers have purchased $112 million in US Spot Bitcoin ETFs.
Also Read: Ethereum ETFs to Outdo Bitcoin ETFs in Hong Kong, Expert Predicts
Specifically, filings show that Yong Rong Asset Management and Ovata Capital Management have made notable US Bitcoin ETF investments. The former has bought $38 million worth of BlackRock’s IBIT. That makes up 12% of its holdings, according to uncovered filings.
Alternatively, Ovata holds four Spot Bitcoin ETFs with a value of $74 million. Moreover, those four investment offerings come from issuers Fidelity, Grayscale, Bitwise, and BlackRock. Although Yong Rong has the highest Bitcoin ETF investment, OVata is the biggest allocator.
The situation is quite an interesting one, presenting a point of note for the market. Although Hong Kong has approved Bitcoin and Ethereum investment offerings, there is still an allure to the offerings in the United States. Specifically, the combination of low fees and high volume has made them undoubtedly alluring for these asset management firms.