Chinese Millionaire’s Giant Company Makes Multimillion-Dollar Bitcoin Move





Monolith Management, the Hong Kong-based investment firm founded by former Sequoia China executive Cao Xi, announced a significant investment in BlackRock’s spot Bitcoin ETF in its latest filing with the U.S. Securities and Exchange Commission.
The firm disclosed that it has more than $24 million in BlackRock’s Bitcoin ETF, which trades under the symbol IBIT. The investment represents the firm’s fifth-largest position and is more than double its stake in Meta, formerly known as Facebook and run by Mark Zuckerberg.
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According to the same application, Monolith Management’s first two investments are in technology giants Nvidia and Microsoft. Cao Xi, who was a partner at Sequoia China for several years, founded Monolith Management as a technology-focused fund.
Another Hong Kong-based fund, IvyRock Asset Management, also reported in its own SEC filing that it owns approximately $19 million in BlackRock’s spot Bitcoin ETF. Spot BTC ETFs recently launched on the Hong Kong Stock Exchange, but so far these instruments have attracted less capital than their U.S. counterparts.
*This is not investment advice.
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