Blog

Amid robust fund inflows inside a month of launching the spot Bitcoin ETFs within the US, monetary gamers from different markets are exploring related alternatives. Last week on January 26, one among China’s largest fund corporations – Harvest Hong Kong – utilized for a spot Bitcoin ETF approval from the Securities and Futures Commission.

Harvest Fund Initiates Milestone Move With Bitcoin ETF Application

In a major improvement, Harvest Fund Hong Kong Company has taken the lead in submitting an utility for a Bitcoin spot Exchange-Traded Fund (ETF) to the Securities and Futures Commission of Hong Kong. Tencent News “First Line” solely obtained this data, marking the primary occasion of such an utility within the area.

Sources from Tencent News “First Line” reveal that the Hong Kong Securities Regulatory Commission is actively working in the direction of expediting the approval course of for the primary Hong Kong Bitcoin spot ETF. The envisioned timeline goals to have the inaugural Hong Kong spot Bitcoin ETF listed on the Hong Kong Stock Exchange publish the Spring Festival.

This transfer comes simply two weeks after the U.S. Securities and Exchange Commission granted approval for the primary batch of U.S. spot Bitcoin ETFs on January 11. The accelerated tempo of progress in Hong Kong follows the regulatory inexperienced mild given to related ETFs within the United States, signaling a proactive strategy by the Hong Kong Securities Regulatory Commission in embracing digital currencies.

Hong Kong Gearing Up To Follow US Footprint

Recent information evaluation reveals that throughout the panorama of 27 Bitcoin spot ETFs within the United States, Grayscale Bitcoin Trust (GBTC) holds a considerable market share at $20.2 billion. Other notable gamers within the U.S. market embody BlackRock’s IBIT ($1.8 billion), Proshare’s BITO ($1.78 billion), and Fidelity Fund’s FBTC ($1.6 billion).

Tencent News “First Line” has gathered insights suggesting that the Hong Kong Securities Regulatory Commission could undertake an identical strategy to the United States, approving a number of establishments concurrently. But Harvest Fund just isn’t the only participant within the race for a spot Bitcoin ETF. Other monetary gamers like Venture Smart Financial Holdings Ltd. are additionally eyeing an identical product launch.

Analysts from Hong Kong’s fund sector opine that mirroring the U.S. spot Bitcoin ETF panorama could lead to related efficiency outcomes. Larger establishments, reminiscent of BlackRock and Fidelity, might doubtlessly expertise extra speedy development due to their intensive investor base and broader buyer acquisition channels.

Family workplace investor managers in Hong Kong specific heightened curiosity in subscribing to native spot ETFs, regardless of acknowledging potential discrepancies in scale in contrast to the U.S. market. Notably, Hong Kong’s spot ETFs could introduce the choice for direct Bitcoin subscriptions, as well as to authorized forex subscriptions.

✓ Share:

Bhushan is a FinTech fanatic and holds an excellent aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and typically discover his culinary abilities.

The introduced content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.