Harvest Fund Hong Kong Applies for Bitcoin ETF Approval
In a groundbreaking move, Harvest Fund Hong Kong Company has submitted an application for a Bitcoin spot Exchange-Traded Fund (ETF) to the Securities and Futures Commission of Hong Kong. This marks the first time such an application has been made in the region.
The Hong Kong Securities Regulatory Commission is actively working to expedite the approval process for the first Hong Kong Bitcoin spot ETF. The goal is to have the inaugural ETF listed on the Hong Kong Stock Exchange after the Spring Festival.
This move comes shortly after the approval of the first batch of U.S. spot Bitcoin ETFs by the U.S. Securities and Exchange Commission on January 11. The progress in Hong Kong reflects a proactive approach by its regulatory commission in embracing digital currencies.
Hong Kong Following in the Footsteps of the US
Analysis shows that Grayscale Bitcoin Trust (GBTC) holds a significant market share of $20.2 billion among the 27 Bitcoin spot ETFs in the United States. Other major players include BlackRock’s IBIT ($1.8 billion), Proshare’s BITO ($1.78 billion), and Fidelity Fund’s FBTC ($1.6 billion).
The Hong Kong Securities Regulatory Commission may adopt a similar approach to the United States by approving multiple institutions simultaneously. Harvest Fund is not alone in seeking approval for a spot Bitcoin ETF, as Venture Smart Financial Holdings Ltd. is also eyeing a similar product launch.
Experts in Hong Kong’s fund sector believe that replicating the U.S. spot Bitcoin ETF landscape could lead to similar performance outcomes. Larger institutions like BlackRock and Fidelity may experience faster growth due to their extensive investor base and broader customer acquisition channels.
Despite potential differences in scale compared to the U.S. market, family office investor managers in Hong Kong have shown a keen interest in subscribing to local spot ETFs. Hong Kong’s spot ETFs may even allow for direct Bitcoin subscriptions, in addition to legal currency subscriptions.
Hot Take: Hong Kong Seeks Approval for Bitcoin ETF
Following the approval of Bitcoin spot ETFs in the United States, Harvest Fund Hong Kong has applied for approval from the Securities and Futures Commission of Hong Kong. This move indicates a growing interest in crypto investment opportunities beyond the U.S. market. If approved, the Hong Kong Bitcoin spot ETF will be listed on the Hong Kong Stock Exchange. The regulatory commission is taking a proactive approach to embrace digital currencies, similar to its U.S. counterpart. This development opens up new possibilities for investors and further expands the global reach of cryptocurrencies.
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