A few asset management firms that applied for the Hong Kong Bitcoin ETFs said the regulator had approved the spot Bitcoin ETFs and ether ETFs.
Almost a week ago, news reports had emerged which suggested early approvals for the Hong Kong Bitcoin ETFs. In another positive turn of events, multiple asset managers claimed the final approvals of the spot Bitcoin ETFs. However, the Securities and Futures Commission (SFC) of Hong Kong hasn’t confirmed it officially. Along with Bitcoin ETFs, the applicants claimed even the ether ETFs received the green signal from the Hong Kong SFC.
The applicants include ChinaAMC, Harvest Global, and Bosera International. Reportedly, they have only received the approvals but have yet to launch the ETFs. Once the Hong Kong SFC publishes a press release on the development, all other queries will likely see clarifications.
QCP Capital, a crypto asset trading firm, commented, “Participants who wanted exposure have always been limited to US hours, but this now gives institutional investors an Asia-based alternative. We believe this will be bullish short term, but there are more important narratives and drivers such as macro events.”
The firm’s take on the event holds true since a significant number of global crypto investors couldn’t invest in the US ETFs. Owing to the favorable timings, a huge portion of Asian investors could now start trading the ETFs. This will probably lead to larger inflows into the crypto ETFs.
The Hong Kong Bitcoin and ether ETFs will probably see listings on the Hong Kong stock exchange. All the asset managers that have applied have self-custodians for their ETFs. These are also in-kind ETFs, which means the asset managers can create new ETF shares with BTC and ETH instead of cash.
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