Hong Kong is preparing to welcome its first Bitcoin ETFs as early as April 15, according to various sources. At least 4 Bitcoin ETFs are expected to be approved by the Hong Kong Securities and Futures Commission, issued by companies such as Jardine Matheson, Huaxia Fund, Bosera Fund and Wisdom Financial Group. ETFs on Ether could also see the light of day.
Hong Kong ready to welcome Bitcoin and Ethereum ETFs
According to Chinese media outlet Tancent News, the Hong Kong Securities and Futures Commission plans to reveal to the general public the list of the first Bitcoin ETFs to be launched on the Hong Kong stock market on April 15, i.e. Monday.
The information comes from various sources familiar with the matter interviewed by Tencent News, according to whom at least 4 Bitcoin cash ETFs are expected to be approved by the Hong Kong regulator. These ETFs will be issued by Jardine Matheson, Huaxia Fund, Bosera Fund and Wisdom Financial Group.
According to the Securities and Futures Commission website, 18 companies can now apply to issue a cryptocurrency-based ETF in Hong Kong.
Bloomberg confirmed the possibility of a series of approvals for Bitcoin ETFs on Monday, and also indicated that ETFs based on Ether, the 2nd most capitalized cryptocurrency on the market, should also see the light of day.
In this regard, according to sources who wished to remain anonymous given the confidential nature of the matter, Chinese company Harvest Fund Management Co. should be able to issue ETFs on both BTC and ETH.
A partnership has been set up between Bosera Asset Management (China) and HashKey Capital (Hong Kong) so that they too can issue ETFs on both Bitcoin and Ether, according to the same sources.
When might these crypto ETFs be launched?
Concretely, the Hong Kong Securities and Futures Commission is expected to give the list of approved crypto ETFs as early as Monday. According to Bloomberg, regarding Harvest Fund Management and the partnership between HashKey Capital and Bosera Asset Management, the companies all plan to launch their ETFs at the end of April.
Naturally, the timetable is subject to change for a variety of reasons, whether regulatory or strategic. Indeed, when Bitcoin spot ETFs were launched on the US stock market, the dozen or so competitors present on this market segment rushed to offer the lowest possible fees in order to position themselves as leaders as quickly as possible.
As reported by Bitcoin Magazine on X, advertisements have already been launched about the Bitcoin and Ethereum ETFs for HashKey Capital in Hong Kong.
Bitcoin ads spotted in Hong Kong subways ahead of the ETF approval
Asia is ready pic.twitter.com/gqUfcHuCAk
– Bitcoin Magazine (@BitcoinMagazine) April 13, 2024
As of April 12, Bitcoin spot ETFs launched in the U.S. earlier this year have already generated over $56.2 billion in volume.
As we can see from the chart below, it’s BlackRock’s ETF (ticker IBIT) that has captured the majority of market share in the spot Bitcoin ETF segment, followed by Fidelity and its FBTC ETF. Grayscale, meanwhile, continues to suffer net outflows on its GBTC.
