Former Sequoia exec's fund invested $24 million in BlackRock bitcoin ETF, over twice its position in Meta
Quick Take
- Former Sequoia China partner Cao Xi’s investment firm Monolith Management revealed it owns more than $24 million of BlackRock’s spot bitcoin ETF.
- The Hong Kong-based firm’s position in BlackRock’s ETF ranks as not only its fifth largest position but is also more than double what it invested in Meta shares.
A former Sequoia China executive's investment firm revealed it owns more than $24 million of BlackRock's spot bitcoin ETF, according to a Tuesday filing.
In the filing with the Securities and Exchange Commission, Monolith Management said it owns more than $24 million in BlackRock's bitcoin ETF, ticker symbol IBIT. That is the Hong Kong-based firm's fifth largest position, which is also more than double what it owns in Mark Zuckerberg's Meta, the filing also said.
The firm's top two investments were in Nvidia and Microsoft, also according to the filing.
Monolith Management was co-founded by Cao Xi, who served as partner at Sequoia China for several years before starting his own tech-focused fund.
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Another Hong Kong-based fund, IvyRock Asset Management, also reported on Tuesday owning nearly $19 million of BlackRock's spot bitcoin ETF, according to its SEC filing. Spot bitcoin ETFs recently debuted on the Hong Kong Stock Exchange but so far the instruments have attracted far less capital than the rival products trading in the U.S.
BlackRock's fund has been the most popular, in terms of assets under management, among the wholly new spot bitcoin ETFs launched in January. Grayscale's fund, which currently has the highest AUM, is a converted fund that launched with tens of billions of dollars already under management.
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