Updated: April 12, 2024, 10:42 AM EDT
Hong Kong regulators could approve spot ETFs based on Bitcoin and Ethereum as early as Monday, Bloomberg News reported, citing sources familiar with the matter.
As part of this approval, a subsidiary of Chinese asset manager Harvest Fund Management Company is expected to receive approval to operate as a Bitcoin and Ethereum fund issuer. Additionally, a partnership between Bosera Asset Management (International) Co. and HashKey Capital is also expected. We are authorized to offer both types of spot ETFs. As The Block reported earlier Friday, HashKey CEO Livio Weng said approval of a spot Ether ETF could come soon if the on-chain staking issues can be resolved.
The first batch of issuers are tentatively scheduled to launch two types of spot ETFs in late April, according to Bloomberg.
The expected approval comes after Hong Kong’s Securities and Futures Commission signaled it would pave the way for increased access to digital asset-backed investments by institutional investors. Earlier this month, the SFC granted Harvest and China Asset Management the authority to manage cryptocurrency-based funds, according to Bloomberg.
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About the author
Elizabeth Napolitano is a data reporter covering business and technology news with a focus on cryptocurrency. Before she joined The Block, Elizabeth reported on BigTech, AI, crypto, and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and US courts. She received a master’s degree in journalism from CUNY. X: Follow her at @LizKNapolitano.