- A Chinese millionaire has made a significant investment in Bitcoin Spot ETF shares.
- The investment was made by Monolith Management, a Hong Kong-based investment firm founded by former Sequoia China executive Cao Xi.
- The firm now holds over $24 million in BlackRock’s Bitcoin ETF, traded under the symbol IBIT.
Chinese millionaire invests heavily in Bitcoin Spot ETF, marking a significant move in the crypto investment landscape.
Monolith Management’s Major Investment in Bitcoin ETF
Monolith Management, a Hong Kong-based investment firm founded by former Sequoia China executive Cao Xi, has made a significant investment in BlackRock’s Bitcoin Spot ETF. The firm disclosed in its latest filing with the U.S. Securities and Exchange Commission that it now holds over $24 million in the ETF, traded under the symbol IBIT. This investment represents the firm’s fifth-largest position, more than double its stake in Meta, formerly known as Facebook and led by Mark Zuckerberg.
Monolith Management’s Investment Strategy
According to the same filing, Monolith Management’s top two investments are in tech giants Nvidia and Microsoft. Cao Xi, who served as a partner at Sequoia China for several years, founded Monolith Management as a technology-focused fund. Another Hong Kong-based fund, IvyRock Asset Management, also reported owning approximately $19 million worth of shares in BlackRock’s spot Bitcoin ETF in its own SEC filing. Spot BTC ETFs were recently launched on the Hong Kong Stock Exchange, but so far, these instruments have attracted less capital than their U.S. counterparts.
Conclusion
This significant investment by Monolith Management in Bitcoin Spot ETF shares indicates a growing interest in crypto investments among traditional investment firms. It also highlights the increasing acceptance of cryptocurrencies as a legitimate asset class by major financial institutions. As more funds like Monolith Management and IvyRock Asset Management continue to invest in Bitcoin ETFs, we can expect to see an increase in the capital flowing into the crypto market.
