In a latest development, Hong Kong-based Investment firm Avenir Group reports owning $599 million in Blackrock’s Bitcoin ETF as of December 31. This investment positions Avenir Group as a significant institutional player in the cryptocurrency market.
Avenir Group’s Strong Commitment to Crypto
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.
Avenir’s increased Bitcoin ETF investments come alongside major moves by Avenir CRYPTO, its digital asset division. The company recently hosted the Future Boundless event in Singapore, gathering leading industry figures.
This follows the launch of Avenir CRYPTO’s $500 million Crypto Partnership Program, which was announced in September. The program allocates 200 million USDT, 3,000 Bitcoin, and 50,000 Ethereum to strengthen partnerships with top firms globally.
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.
Hong Kong’s SFC held its first-ever Crypto Advisory Committee
Besides, On February 14, Hong Kong’s Securities and Futures Commission held the first meeting of its Virtual Asset Consultative Panel. The panel, made up of top executives from licensed cryptocurrency platforms, aims to protect investors and support the growth of a strong, resilient crypto industry. Key topics discussed included creating clear policies, expanding the market, and balancing regulation with innovation.
In related news, the SFC has granted HashKey Capital, a major cryptocurrency exchange, approval to manage digital assets under its Type 9 license. This allows HashKey to handle over-the-counter trading, derivatives, and spot cryptocurrency for high-net-worth clients. These moves highlight Hong Kong’s strong push to embrace institutional cryptocurrency use.
