Avenir Group HODLs $691 Million to Become Asia’s Top Bitcoin ETF Holder
The Hong Kong-based firm now holds approximately US$691 million worth of IBIT shares, with crypto representing about 90 per cent of their portfolio, with smaller positions in other crypto assets and traditional tech stocks.
Despite a day of massive outflows on May 15th when nearly US$295 million left US spot Bitcoin ETFs, these funds collectively hold 1.18 million Bitcoin, equivalent to 5.6 per cent of the total supply.
The SEC is currently reviewing a proposal to allow in-kind transfers for IBIT, which could reduce tracking errors and lower transaction costs by enabling direct Bitcoin transfers during share creation and redemption.
Scoot over, Metaplanet, there’s a new kid in town. Okay, admittedly, they’re not really new to the game, but they have been flying somewhat under the radar while Michael Saylor’s Strategy and Japanese-equivalent Metaplanet have drawn all the attention.
Hong Kong-based Avenir Investment Group has upped its HODLing game by increasing its stake in Bitcoin exchange-traded funds (ETFs). The group added another 3.4 million shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT) in Q1 2025 – a filing with the US Securities and Exchange Commission (SEC) shows.
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Group’s Main Investment in Crypto, Data Reveals
Avenir Group now holds 14.7 million shares of IBIT, which are worth approximately US$691 million (AU$1.08 billion). Additionally, they hold US$4.2 million (AU$6.6 million) of FBTC – the Fidelity Wise Origin Bitcoin Fund – and a small stake in Volatility SHS TR, a 2X Ether ETF.
That means they have around 90 per cent allocated into crypto and some smaller positions in Alphabet, Amazon, Apple, Microsoft and NVIDIA.
Overall, Avenir’s 13F reveals a heavy concentration in Bitcoin exposure – far exceeding its aggregate positions in traditional equities – signalling that digital assets now anchor its portfolio strategy.
In an earlier statement, Avenir Group said about their commitment to the digital asset space that they had “emerged as a major institutional player in the digital asset market”.
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.
SEC Looking into In-Kind Redemptions for IBIT
Recently, the SEC has issued an order to institute proceedings under Section 19(b)(2)(B) of the Securities Exchange Act of 1934.
This order formally opens a review of Nasdaq’s proposal to allow in-kind creations and redemptions for IBIT – shifting it from a purely cash-based exchange-traded product (ETP) to a structure more like a traditional commodity ETF.
If approved, this change could reduce IBIT’s tracking error, lower transaction costs for Authorized Participants, and enhance operational efficiency by enabling direct Bitcoin transfers during share issuance and redemption.
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IBIT Remains Largest Bitcoin ETF Worldwide
After weeks of strong net inflows, the US spot Bitcoin ETFs saw a day of massive net outflows on 15 May, when a combined US$294.8 million (AU$460.4 million) left the funds.
Nevertheless, the ETFs still hold 1.18 million Bitcoin, 5.6 per cent of all supply – with IBIT still being the largest player in the game. Avenir’s acquisition brought IBIT’s Bitcoin holdings to 627,986 coins, representing 2.99 per cent of the 21 million that will ever exist.
Bitcoin holdings by US spot ETF, source: Highcharts/BiTBO
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Filed under: Bitcoin - @ May 16, 2025 3:59 am