Hong Kong’s Spot Bitcoin and Ethereum ETFs to Begin Trading on April 30
Hong Kong is gearing up to launch its much-anticipated spot Bitcoin and Ethereum exchange-traded funds (ETFs) by the end of April.
According to a report from Bloomberg , the Bosera-HashKey Capital spot ETFs are scheduled to begin trading on April 30.
The Hong Kong Securities and Futures Commission (SFC) recently granted approval to several fund managers to offer these ETFs in a bid to establish itself as a hub for digital assets by introducing a range of cryptocurrency ETFs.
Chinese asset managers are also preparing for the introduction of spot Bitcoin and Ether ETFs, drawing comparisons to the highly successful three-month-old US Bitcoin funds that have amassed an impressive $56 billion in assets to date.
Potential sources of demand for Hong Kong’s spot crypto ETFs include Chinese wealth invested in the city, as well as Asia-Pacific crypto exchanges and market makers.
Bloomberg Intelligence ETF Analyst Rebecca Sin estimates that these funds could accumulate $1 billion in assets under management over the next two years.
The US-based Bitcoin funds offered by major players like BlackRock Inc. and Fidelity Investments have sparked global interest and attracted significant investment.
However, the prospective Hong Kong issuers, including Harvest Global Investments Ltd. and a partnership between HashKey Capital Ltd. and Bosera Asset Management (International) Co., may lack the same level of recognition.
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