Monolith Management, an investment firm led by a former Sequoia China executive, has disclosed a substantial stake of over $24 million in BlackRock's spot bitcoin ETF, marking a significant bet on the burgeoning cryptocurrency market. This revelation surfaced in a filing with the Securities and Exchange Commission on Tuesday.

The Hong Kong-based Monolith Management positioned BlackRock's bitcoin ETF, identified by the ticker symbol IBIT, as its fifth-largest investment, dwarfing its holdings in Meta, the brainchild of Mark Zuckerberg, which stands at less than half the value. This notable allocation underscores the firm's confidence in the potential of bitcoin as a key asset class.

According to the filing, Monolith Management's top two investments are in tech giants Nvidia and Microsoft, further highlighting its strategic focus on tech-driven ventures.

Co-founded by Cao Xi, who previously held a partnership role at Sequoia China, Monolith Management embodies a tech-centric investment philosophy shaped by years of industry experience.

Meanwhile, IvyRock Asset Management, another Hong Kong-based fund, also disclosed its substantial stake in BlackRock's spot bitcoin ETF, amounting to nearly $19 million, according to its own SEC filing. This collective interest from Hong Kong-based funds signals growing enthusiasm for bitcoin-related investments despite the relatively subdued uptake of spot bitcoin ETFs on the Hong Kong Stock Exchange compared to their U.S. counterparts.

Among the new spot bitcoin ETF offerings launched in January, BlackRock's fund has emerged as a frontrunner in terms of assets under management (AUM). While Grayscale's fund boasts the highest AUM currently, it commenced as a converted fund with a substantial asset base already in place at launch, differing from the wholly new offerings introduced to the market.