Yong Rong Asset Management, a company based in Hong Kong, recently acquired $38 million worth of shares in the BlackRock iShares Bitcoin ETF (IBIT), solidifying its position as the largest shareholder in the fund. This move by Yong Rong HK Asset Management Ltd has been highlighted by a Bloomberg Intelligence analyst, underscoring the company's significant stake in the IBIT.

The purchase of $38 million in the BlackRock iShares Bitcoin ETF by Yong Rong Asset Management has garnered attention, with Bloomberg's senior analyst, Eric Balchunas, noting the company's substantial investment. This acquisition has propelled Yong Rong Asset Management to the forefront as the largest holder of IBIT, representing more than 12% of the total reported holdings.

Eric Balchunas remarked on the situation, pointing out the appeal of U.S.-based ETFs due to their attractive combination of low fees and high trading volumes. Yong Rong Asset Management's portfolio showcases its top holdings, which include companies like Nvidia, Meta, Tesla, and the iShares Bitcoin ETF. Additionally, data from various sources indicates that the company has invested over $45 million to acquire 1,127,561 units of IBIT.

In a comparative analysis, it was noted that while Yong Rong stands out with its significant investment in a single ETF, another Hong Kong firm, Ovata, has secured positions in four prominent bitcoin ETFs with a total investment of $74 million. This places Ovata as the leading buyer of Bitcoin ETFs, with key holdings in Fidelity Wise Bitcoin ETF (FBTC), GBTC, and Bitwise Bitcoin ETF (BITB).

Recent market movements have shown a narrowing of outflows in the U.S. Spot Bitcoin ETF, with a decrease to $34 million following substantial negative flows exceeding $550 million on Wednesday. Notably, the Ark 21Shares Bitcoin ETF experienced significant buying activity on Thursday, indicating continued interest and activity in the cryptocurrency ETF market.