$38 Million Worth of BlackRock's IBIT Scooped Up by Hong Kong-Based Asset Management Firm

Hong Kong-based Yong Rong Asset Management has acquired $38 million in shares of BlackRock's iShares Bitcoin Trust (IBIT), representing 12% of the fund's total holdings. This investment comes despite the recent launch of local cryptocurrency ETFs, with the firm favoring the U.S.-based ETF for its low fees and high volume. Meanwhile, BlackRock remains optimistic about IBIT's future, citing ongoing interest from institutional investors, despite recent market setbacks and the largest recorded discount on the ETF relative to Bitcoin.