News

Hong Kong managers join spot bitcoin ETF race

Hong Kong-based asset manager VSFG has partnered with China’s Value Partners to make a joint application to launch a spot bitcoin ETF in Hong Kong. The application to the Securities and Futures Commission (SFC) comes in anticipation of the regulator giving a green light to such crypto funds. The situation in Hong Kong echoes that of the US where the Securities and Exchanges Commission eventually granted approval in January to the many firms that had applied to launch a spot bitcoin ETF in the US. China-based Harvest Global Investments is reportedly the first firm to have applied, back in January. However, there may now be a flurry of applications following reports by Bloomberg Intelligence that the SFC is set to allow in-kind creations and redemptions for spot bitcoin ETFs in the second quarter of this year. Such a move is a distinction from the US approach which allowed only cash redemptions. Should approvals be granted in the coming weeks, it could have a significant impact given the volume of Asia’s crypto market. ©2024 funds global asia

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