Hong Kong asset managers have reported buying US Spot bitcoin ETFs worth $112,000,000. Data indicates that Yong Rong Asset Management BlackRock’s iShares Bitcoin Trust IBIT, worth $38 was bought by the buyer.
Additionally, Ovata Capital ManagementAlso based in Hong Kong is a filing that shows investment in Spot Bitcoins ETFs valued at more than $74 million. This is a particularly interesting development, considering that Hong Kong has been offering BTC as an investment option since April.
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Hong Kong Asset Managers buy big on US Bitcoin ETFS
Bitcoin ETFs are one of 2024’s biggest financial sectors. The United States granted approval to the issuance of these products in January. They have since dominated discussion. This has been amplified by Hong Kong’s approval of similar products in April.
Despite the fact that they’re in completely different situations, US investments have outpaced Hong Kong so far. Unexpectedly, a new trend has started to emerge in regards to these investments. Hong Kong’s asset managers purchased US Spot Bitcoin Exchange Traded Funds worth $112 million.
![](https://fxruhanahmed.com/2/wp-content/uploads/2024/04/Hong-Kong-Spot-Bitcoin-ETF-Officially-Begins-Trading.jpg)
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Specifically, filings reveal that Yong Rong Asset Management (YRM) and Ovata Capital Management (OVA) have made significant US Bitcoin ETF investment. The latter has purchased $38 million of BlackRock’s IBIT. According to unreported filings, this represents 12% of the company’s holdings.
Ovata also holds four Spot ETFs valued at $74,000,000. These four investment options are from Fidelity Grayscale Bitwise BlackRock. OVata has made the largest allocation of Bitcoin ETFs, despite Yong Rong having the highest investment.
It is an intriguing situation that will be of interest to the market. Even though Hong Kong’s investment options in Bitcoin and Ethereum have been approved, they still hold a certain appeal. These asset management companies are attracted to the low fees combined with high volumes.
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Source: watcher.guru