Amidst the growing interest in cryptocurrencies and Bitcoin, a Chinese millionaire is making a significant investment in the cryptocurrency market. Monolith Management, an investment firm based in Hong Kong, announced that it has made a substantial investment in the Bitcoin ETF offered by BlackRock.
According to information filed with the U.S. Securities and Exchange Commission, Monolith Management discloses ownership of shares in the Bitcoin ETF valued at over $24 million. This investment marks the fifth largest position for the firm and is more than twice the size of its holdings in Meta, formerly known as Facebook and led by Mark Zuckerberg.
According to the same statement, Monolith Management’s initial two investments were in the technology giants Nvidia and Microsoft. The firm’s founder, Chao Shi, a former executive at Sequoia in China, established Monolith Management as a fund focused on technology investments.
Additionally, another fund based in Hong Kong, IvyRock Asset Management, reveals that it owns a Bitcoin ETF from BlackRock valued at approximately $19 million. Although BTC spot ETFs were recently introduced on the Hong Kong Stock Exchange, these instruments have not yet attracted as much capital as their American counterparts.
