Hong Kong Investment Firm Loads Up on BlackRock Bitcoin ETF, Shares Grow to $688M
Avenir acquired an additional 3.4 million shares of BlackRock's iShares Bitcoin Trust ETF (IBIT) in Q1, increasing its total holdings to 14.7 million shares valued at approximately $688 million. This represents a 30% increase from Q4 2024. IBIT constitutes about 86% of Avenir’s portfolio. The firm previously invested in crypto products, including 11,300 shares worth $599 million in February and 52,500 shares of Fidelity Wise Origin Bitcoin Trust (FBTC) valued at over $4.2 million. Avenir's investments reflect growing institutional interest in digital assets, particularly in Asia, amid a pro-crypto shift in the U.S. Spot Bitcoin ETFs have seen over $41 billion in net inflows since January 2024. Recent U.S. executive orders aim to bolster Bitcoin mining and establish a Strategic Bitcoin Reserve, aligning with efforts to position the U.S. as a leading crypto hub. Avenir's strategy includes a $500 million Crypto Partnership Program to collaborate with digital asset trading teams globally.
