Hong Kong approves spot ETFs for Bitcoin and Ethereum
China Asset Management, Bosera Capital, and HashKey Capital Limited announced that the Hong Kong Securities and Futures Commission (SFC) has approved spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund (ETF) applications.
Dr. Xiao Feng, the current CEO, founded Hashkey Capital in 2015, and it is a prominent Asian digital asset platform and investment fund. It has $1 billion in AUM and recently attempted to raise funds at a $1 billion+ valuation. Bosera Capital, based in Shenzhen, is one of China’s first fund management companies, with assets worth $200 billion. Meanwhile, China Asset Management, a well-known asset management firm, was founded in 1998. It manages one of China’s largest equity ETF products, totaling $266 billion in assets under management (AUM).
Bloomberg first reported on the spot ETFs’ imminent approval, with Hong Kong Exchanges & Clearing (HKEX) finalizing the listing details in due course. According to the report, the products could be available by the end of this month, representing a significant development in the region’s cryptocurrency market.
The approval of these ETF products in Hong Kong is expected to be a significant catalyst for the cryptocurrency market, cementing the city’s status as Asia’s leading digital asset hub. While the US approved spot Bitcoin ETFs in January, causing a record-breaking price increase that propelled Bitcoin to $73,000, it has yet to approve Ethereum ETFs. In contrast, Hong Kong approved spot ETFs for both Bitcoin and Ethereum at the same time. Meanwhile, expectations for the approval of spot Ether ETF products in the United States remain low due to the SEC’s lack of interaction with the applicants. According to JPMorgan analysts, Ether ETF approval by the final deadline in May is 50%.
Following the approval, BTC has risen 2.81% in the last 24 hours to $66,526, up from $62,000. Meanwhile, ETH increased by 4.88% and is now trading at $3,246. The cryptocurrency markets experienced a brutal sell-off last week as tensions in the Middle East escalated, raising fears of a full-fledged conflict.
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