Amid robust fund inflows inside a month of launching the spot Bitcoin ETFs within the US, monetary gamers from different markets are exploring related alternatives. Last week on January 26, one in every of China’s largest fund firms – Harvest Hong Kong – utilized for a spot Bitcoin ETF approval from the Securities and Futures Commission.
Harvest Fund Initiates Milestone Move With Bitcoin ETF Application
In a major growth, Harvest Fund Hong Kong Company has taken the lead in submitting an utility for a Bitcoin spot Exchange-Traded Fund (ETF) to the Securities and Futures Commission of Hong Kong. Tencent News “First Line” solely obtained this data, marking the primary occasion of such an utility within the area.
Sources from Tencent News “First Line” reveal that the Hong Kong Securities Regulatory Commission is actively working in the direction of expediting the approval course of for the primary Hong Kong Bitcoin spot ETF. The envisioned timeline goals to have the inaugural Hong Kong spot Bitcoin ETF listed on the Hong Kong Stock Exchange submit the Spring Festival.
This transfer comes simply two weeks after the U.S. Securities and Exchange Commission granted approval for the primary batch of U.S. spot Bitcoin ETFs on January 11. The accelerated tempo of progress in Hong Kong follows the regulatory inexperienced gentle given to related ETFs within the United States, signaling a proactive method by the Hong Kong Securities Regulatory Commission in embracing digital currencies.
Hong Kong Gearing Up To Follow US Footprint
Recent information evaluation reveals that inside the panorama of 27 Bitcoin spot ETFs within the United States, Grayscale Bitcoin Trust (GBTC) holds a considerable market share at $20.2 billion. Other notable gamers within the U.S. market embrace BlackRock’s IBIT ($1.8 billion), Proshare’s BITO ($1.78 billion), and Fidelity Fund’s FBTC ($1.6 billion).
Tencent News “First Line” has gathered insights suggesting that the Hong Kong Securities Regulatory Commission could undertake an analogous method to the United States, approving a number of establishments concurrently. But Harvest Fund shouldn’t be the only participant within the race for a spot Bitcoin ETF. Other monetary gamers like Venture Smart Financial Holdings Ltd. are additionally eyeing an analogous product launch.
Analysts from Hong Kong’s fund sector opine that mirroring the U.S. spot Bitcoin ETF panorama could lead to related efficiency outcomes. Larger establishments, corresponding to BlackRock and Fidelity, might doubtlessly expertise extra fast development due to their intensive investor base and broader buyer acquisition channels.
Family workplace investor managers in Hong Kong categorical heightened curiosity in subscribing to native spot ETFs, regardless of acknowledging potential discrepancies in scale in contrast to the U.S. market. Notably, Hong Kong’s spot ETFs could introduce the choice for direct Bitcoin subscriptions, as well as to authorized forex subscriptions.
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