Harvest Fund Applies for Bitcoin Spot ETF in Hong Kong
Harvest Fund, a leading Chinese asset manager, has recently submitted documentation for a Bitcoin spot ETF at its headquarters in Hong Kong. The asset manager aims to launch the first ETF of this kind in the city shortly after the Lunar New Year celebrations, which are scheduled for February 10th of this year.
Details of Harvest Fund’s Bitcoin Spot ETF Application
The Hong Kong branch of Harvest Fund Management has formally submitted a request for a Bitcoin-focused spot exchange-traded fund (ETF) to the local financial regulatory authority. This signals a possible preparation by Hong Kong to welcome its first group of spot ETFs dedicated to cryptocurrencies. Harvest has filed an application with the Securities and Futures Commission (SFC) and plans to launch the ETF immediately after the Lunar New Year holidays.
Other Companies Interested in Stablecoins
In addition to Harvest Fund’s Bitcoin spot ETF, several companies in Hong Kong are showing interest in stablecoins. Companies like Harvest Global Investments, RD Technologies, and Venture Smart Financial Holdings Ltd. are currently in contact with the Monetary Authority of Hong Kong to discuss potential stablecoin experiments. VSFG plans to submit an application for inclusion in the sandbox along with consortium partners.
Possible Entry of Charles Schwab into Bitcoin ETFs
Analysts predict that Charles Schwab, a multibillion-dollar asset manager, is considering entering the competitive world of Bitcoin ETFs. While Fidelity and BlackRock are already dominant players in this sector, Schwab has been cautious so far. However, analysts suggest that Schwab may soon enter the ETF competition with lower fees compared to its competitors, potentially reshaping the industry dynamics.
Hot Take: Harvest Fund Applies for Bitcoin Spot ETF in Hong Kong
Harvest Fund has submitted documentation for a Bitcoin spot ETF at its headquarters in Hong Kong. The asset manager aims to launch the first ETF of this kind in the city shortly after the Lunar New Year celebrations. This development signals Hong Kong’s preparation to welcome spot ETFs dedicated to cryptocurrencies. Additionally, other companies in Hong Kong are showing interest in stablecoins, while analysts predict that Charles Schwab may enter the Bitcoin ETF market with lower fees, potentially changing the industry dynamics.
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