Former Sequoia exec's fund invested $24 million in BlackRock bitcoin ETF, over twice its position in Meta
Former Sequoia China partner Cao Xi’s investment firm Monolith Management revealed it owns more than $24 million of BlackRock’s spot bitcoin ETF.The Hong Kong-based firm’s position in BlackRock’s ETF ranks as not only its fifth largest position but is also more than double what it invested in Meta shares.
In the filing with the Securities and Exchange Commission, Monolith Management said it owns more than $24 million in BlackRock's bitcoin ETF, ticker symbol IBIT. That is the Hong Kong-based firm's fifth largest position, which is also more than double what it owns in Mark Zuckerberg's Meta, the filing also said.
The firm's top two investments were in Nvidia and Microsoft, also according to the filing.
Monolith Management was co-founded by Cao Xi, who served as partner at Sequoia China for several years before starting his own tech-focused fund.
Another Hong Kong-based fund, IvyRock Asset Management, also reported on Tuesday owning nearly $19 million of BlackRock's spot bitcoin ETF, according to its SEC filing. Spot bitcoin ETFs recently debuted on the Hong Kong Stock Exchange but so far the instruments have attracted far less capital than the rival products trading in the U.S.
BlackRock's fund has been the most popular, in terms of assets under management, among the wholly new spot bitcoin ETFs launched in January. Grayscale's fund, which currently has the highest AUM, is a converted fund that launched with tens of billions of dollars already under management.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Cobie: Long-term trading
Crypto Twitter doesn't want to hear "get rich in ten years" stories. But that might actually be the only truly viable way.
The central bank sets a major tone on stablecoins for the first time—where will the market go from here?
This statement will not directly affect the Hong Kong stablecoin market, but it will have an indirect impact, as mainland institutions will enter the Hong Kong stablecoin market more cautiously and low-key.
Charlie Munger's Final Years: Bold Investments at 99, Supporting Young Neighbors to Build a Real Estate Empire
A few days before his death, Munger asked his family to leave the hospital room so he could make one last call to Buffett. The two legendary partners then bid their final farewell.
Stacks Nakamoto Upgrade
STX has never missed out on market speculation surrounding the BTC ecosystem, but previous hype was more like "castles in the air" without a solid foundation. After the Nakamoto upgrade, Stacks will provide the market with higher expectations through improved performance and sBTC.
Trending news
MoreCrypto prices
More
