Hong Kong Bitcoin Spot ETF Becomes Market Focus, with Multiple Top Chinese Fund Companies Reportedly Planning Bitcoin Spot ETFs through Hong Kong Subsidiaries. Insiders estimate that the application for the Hong Kong Bitcoin Spot ETF could be approved and launched in the second quarter of this year.
According to an article in the official Chinese media Securities Times, multiple top Chinese fund companies are leveraging their Hong Kong subsidiaries to plan Bitcoin ETFs. After the Hong Kong subsidiary of Southern Fund became the first company to launch a Bitcoin futures ETF product, the battle for the first Hong Kong Bitcoin Spot ETF has become a market focus.
The fund companies reportedly interested in launching Bitcoin Spot ETFs include:
– GF Fund’s Hong Kong subsidiary, GF International, has applied for a Bitcoin Spot ETF and is awaiting approval from the Hong Kong regulatory authorities.
– An insider from another large fund company revealed that their company and its Hong Kong subsidiary are aware of the Bitcoin futures ETF already launched in Hong Kong and the Bitcoin Spot ETF currently under application. They are currently assessing the operability and prospects of Bitcoin business.
– The Hong Kong subsidiary of Huaxia Fund has partnered with Hong Kong virtual asset exchange HashKey Exchange, indicating a strong interest in Bitcoin Spot ETFs and conducting preliminary preparations.
– HashKey provides underlying infrastructure support for funds applying for ETFs in Hong Kong, including trading and custodial services. HashKey disclosed that its custodial business has been operating steadily for over a year and is becoming a custodial option for fund institutions launching virtual asset spot ETFs.
So far, approximately 30 public fund companies have established subsidiaries in Hong Kong. Market participants believe that if the subsidiaries of these top fund companies successfully apply for Bitcoin ETF products in Hong Kong, it will further demonstrate the maturity and market development potential of their operations. More top fund companies may leverage their Hong Kong subsidiaries to expand into the Bitcoin business.
Insiders believe that the application for Bitcoin Spot ETFs could be approved and launched in the second quarter of this year. HashKey also predicts that there will be clear news about the Hong Kong Bitcoin Spot ETF in the first half of this year.
A previous research report indicated that Hong Kong aims to achieve the purchase and redemption of Bitcoin Spot ETFs in the second quarter, which is expected to significantly increase the asset management scale and trading volume of Bitcoin ETF issuers in the region.
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