Hong Kong investment group Avenir snapped up another 3.4 million shares of BlackRock's iShares Bitcoin Trust ETF (IBIT) during the first quarter, bringing its holdings of the fund to nearly $700 million, according to a U.S. regulatory filing published Thursday—further evidence that spot Bitcoin ETFs are gaining traction among financial institutions.
Avenir held 14.7 million IBIT shares worth $688 million as of March 31, according to its filing,. That marks a 30% increase from the firm's IBIT holdings for the fourth quarter of 2024. IBIT represents about 86% of Avenir’s portfolio, according to investment research platform Fintel.
The firm made clear its commitment to investing in crypto-focused products in February, revealing that it had acquired about 11,300, then worth $599 million in a press release. The company, which said it had “emerged as a major institutional player in the digital asset market,” held about 52,500 shares of the Fidelity Wise Origin Bitcoin Trust (FBTC), worth more than $4.2 million, according to Fintel.
"This strategic move not only underscores Avenir's confidence in the future of digital assets but also marks a pivotal moment in its brand evolution and business strategy,” Avenir said in a previous statement on its digital assets-focused initiatives.
Decrypt reached out to Avenir for additional comment.
Avenir's 14.7 million IBIT shares are worth $863,478,000 based on recent pricing. IBIT was recently trading at $58.74, Yahoo Finance data shows. Bitcoin ETFs offer investors access to the asset without holding it directly.
The firm's additional investment into IBIT reflects Hong Kong and other Asian hubs’ strong interest in digital assets. It also comes as institutions increasingly embrace cryptocurrencies, particularly Bitcoin, amid the U.S.’s ongoing pro-crypto pivot.
Spot Bitcoin ETFs have generated more than $41 billion in net inflows since the first 10 of these products received SEC approvals in January 2024, despite a recent dip in trading, according to data provider Farside.
Their recent resurgence follows U.S. President Donald Trump's issuance of executive orders to protect Bitcoin miners’ rights and authorize the creation of a Strategic Bitcoin Reserve in the U.S. Treasury. The directives underscore President Trump's continued commitment to transform the U.S. into the “undisputed Bitcoin superpower and crypto capital of the world”—a pillar of his campaign promises to the crypto community.
Meanwhile, pro-Bitcoin initiatives have also gained traction at the local level over the past few months, with more than a dozen states evaluating legislative proposals to add the token to their Treasury reserves.
Avenir's increased Bitcoin ETF investment forms part of its recent push to deepen its engagement with the digital asset market. The firm launched its Crypto Partnership Program last fall, allocating $500 million for its collaborations with digital asset-focused quantitative trading teams across the world.
Edited by James Rubin
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