Six spot Bitcoin and Ether exchange-traded funds officially debuted on the Hong Kong Stock Exchange today. This is Asia’s first spot cryptocurrency ETF listing. The region continues its efforts to become a cryptocurrency hub.
The Hong Kong Exchange and Clearing Company (HKEX) today listed six ETFs, including Bosera HashKey Bitcoin ETF (3008.HK), Bosera HashKey Ether ETF (3009.HK), ChinaAMC Bitcoin ETF (3042.HK), and ChinaAMC Ether. ETF (3046.HK), Harvest Bitcoin Spot ETF (3439.HK) and Harvest Ether Spot ETF (3179.HK).
Hong Kong earlier this month Approved several spot Bitcoin ETFs and spot Ether ETFs. It is managed by China Asset Management, Harvest Global, Bosera and HashKey.
“Following the success of the VA Futures ETF, the listing of Asia’s first spot VA ETF will further enhance product diversity and liquidity in the Hong Kong ETP market,” said Brian Roberts, Head of Equities Product Development at HKEX. name.
In addition to Hong Kong investors, the spot cryptocurrency ETF is available to eligible investors outside the city, but investors in mainland China are still restricted from investing in the product.
One of the key features that differentiates Hong Kong spot cryptocurrency products from their US counterparts is their spot functionality. “Investors can purchase ETFs with Bitcoin or Ethereum and then sell them for cash or vice versa, allowing for seamless two-way investment flexibility,” HashKey said in a statement today.
“It now serves a different group of people,” said Rebecca Sin, ETF analyst at Bloomberg. said last week. “Anyone who holds Bitcoin and Ethereum could potentially exchange them for an ETF.”
Hong Kong previously listed three futures-based cryptocurrency ETFs: Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF, and CSOP Ether Futures ETF. “Investor interest in virtual asset ETFs has increased since the VA Futures ETF was first launched in late 2022,” HKEX said in a statement today.
According to HKEX, the average daily trading volume of the three cryptocurrency futures ETFs in the first quarter of this year was HK$51.3 million (about $6.5 million), up from HK$8.9 million in the same period last year. Additionally, during the first quarter, three cryptocurrency futures ETFs brought in net inflows of HK$529 million.
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