In a latest development, Hong Kong-based Investment firm Avenir Group reports owning $599 million in Blackrock’s Bitcoin ETF. This investment positions Avenir Group as a significant institutional player in the cryptocurrency market.

Notably, in the second quarter of 2024, Avenir Group became the largest institutional holder of two major Bitcoin ETFs in Asia. This included 5.319 million shares of BlackRock’s IBIT, valued at around $182 million, and 3.847 million shares of Fidelity’s Wise Origin Bitcoin Fund (FBTC), valued at approximately $202 million. 

Avenir Group’s combined investment of about $384 million in two Bitcoin ETFs highlights its significant commitment to emerging technologies and strong presence in the cryptocurrency market.

Lately, Hong Kong is actively positioning itself as a global cryptocurrency hub through several strategic initiatives. The Securities and Futures Commission (SFC) is actively developing regulations that support the growth of the cryptocurrency industry while ensuring strict compliance standards.

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