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- According to Bloomberg analyst, a major Hong Kong-based asset management company, Yong Rong Asset Management, has made a surprising move into Bitcoin Spot ETF.
- The firm has invested a significant amount in the IBIT Bitcoin Spot ETF, purchasing $38 million worth, which currently makes up 12% of its reported assets.
- Despite Hong Kong having its own ETFs, the irresistible combination of low fees and high volume continues to draw international investors to US ETFs.
Major Hong Kong asset management firm, Yong Rong, makes a significant investment in Bitcoin Spot ETF, highlighting the growing interest in cryptocurrency investments among traditional financial institutions.
Yong Rong’s Diversified Portfolio
According to Bloomberg’s ETF analyst Eric Balchunas, Yong Rong’s portfolio is diverse, with its top four assets being Nvidia, Meta, Tesla, and Bitcoin. While Yong Rong’s single ETF investment of $30 million in IBIT is significant, another Hong Kong firm, Ovata, owns four spot BTC ETFs worth a total of $74 million, making it the largest total investor to date.
Trading Volume of Hong Kong Spot ETFs
As of the close on May 3, the total trading volume of the six Hong Kong spot ETFs for virtual assets was 48.91 million Hong Kong dollars, or approximately 6.26 million US dollars. Among them, the trading volume of the Bitcoin ETF was 43.41 million Hong Kong dollars, and the Ethereum ETF was 5.5 million Hong Kong dollars. In contrast, the trading volume of 11 US Bitcoin spot ETFs was a staggering 1.72 billion dollars on May 2.
Conclusion
This move by Yong Rong Asset Management underscores the increasing interest in and acceptance of cryptocurrency investments among traditional financial institutions. The high trading volume of US Bitcoin spot ETFs compared to Hong Kong’s spot ETFs also highlights the global appeal of US ETFs due to their low fees and high volume. This trend is likely to continue as more investors seek diversified investment portfolios that include cryptocurrencies.
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