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.

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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