Monolith Management, an investment company overseen by a former executive from Sequoia China, recently revealed a hefty investment exceeding $24 million in BlackRock's immediate bitcoin ETF, marking a substantial wager on the growing cryptocurrency market. This disclosure came to light through a filing with the Securities and Exchange Commission earlier this week.

The Hong Kong-based Monolith Management has positioned its BlackRock bitcoin ETF, known as IBIT, as the fifth-largest investment in their portfolio, clearly overshadowing their stakes in Meta, the brainchild of Mark Zuckerberg, amounting to less than half of its current value. This significant allocation signifies the firm's profound belief in bitcoin's potential as a critical asset category.

As per the filing, Monolith Management's primary two investments are within the tech behemoths Nvidia and Microsoft, underscoring their strategic emphasis on tech-fueled ventures. Founded by Cao Xi, who previously served in a partnership capacity at Sequoia China, Monolith Management embodies an investment philosophy rooted in technology, shaped by extensive industry expertise.

In a parallel development, IvyRock Asset Management, another fund headquartered in Hong Kong, also divulged a notable stake in BlackRock's immediate bitcoin ETF, totaling nearly $19 million, as per its distinct SEC filing. This joint interest from Hong Kong-based funds signals a rising enthusiasm for bitcoin-linked investments, despite the relatively muted response to immediate bitcoin ETFs on the Hong Kong Stock Exchange as opposed to their American equivalents.

Since the advent of new immediate bitcoin ETF offerings in January, BlackRock's fund has emerged as a frontrunner in terms of assets under management (AUM). Although Grayscale owns the current highest AUM, it initiated as a transformed fund with a sizeable asset foundation already in place during its launch, distinguishing it from the entirely new offerings introduced to the market.