Venture Smart Plans To File Spot Bitcoin ETF
Venture Smart Financial Holdings Ltd (VSFG) is preparing to file for a spot Bitcoin ETF in Hong Kong. The plan is to launch this ETF in the first quarter of the year. They have yet to apply with the Securities and Futures Commission (SFC).
Hong Kong Aims To Be Asia’s Crypto Hub
The SFC had divulged its readiness to accept applications for spot crypto ETFs. The move is part of their strategy to position Hong Kong as Asia’s crypto hub. The requirements for getting approval for such products have been outlined in a recent circular.
VSFG aims to become a key player in the local spot crypto ETF market and anticipates that the local market has significant potential.
Four other asset managers are also considering listing spot crypto ETFs in Hong Kong.
Huge Success For Spot Bitcoin ETFs In The US
The spot Bitcoin ETF launched in the US has witnessed tremendous success. It currently holds 647,285 BTC, amounting to over $27 billion in assets under management (AUM).
US funds holding silver have an AUM of $11.5 billion while gold ETFs have over $96 billion, making Bitcoin the second-largest ETF commodity in the US by AUM.
Spot Bitcoin ETFs Experience Soaring Volumes
Spot Bitcoin ETFs experienced a 34% increase in volumes on day five of trading, surpassing $1 billion in net flows.
Hot Take
Venture Smart Financial Holdings Ltd aims to file for a spot Bitcoin ETF in Hong Kong. This comes amid a larger global trend of increasing interest in Bitcoin ETF products. The move is poised to shore up Hong Kong’s position as Asia’s crypto hub, with already established success in the US ETF market.
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