Hong Kong spot bitcoin and ether ETFs to start trading April 30
A total of six crypto-based spot ETFs will begin trading in Hong Kong beginning April 30.Initially, three spot bitcoin and three spot ether ETFs are officially approved to launch at the end of the month.
Initially, three spot bitcoin and three spot ether exchange-traded funds will become available, allowing investors to wager on the price of the two dominant cryptocurrencies without having to buy them directly. Earlier this month, Hong Kong approved several spot bitcoin ETFs and spot ether ETFs managed by China Asset Management, Harvest Global, Bosera and HashKey.
Although Hong Kong's spot crypto ETFs are expected to attract much less capital when compared to those in the U.S. offered by financial heavyweights like BlackRock and Fidelity, the approval is a positive development. Hong Kong appears to be positioning itself as a digital-assets hub.
During a webinar on Wednesday, Bloomberg Intelligence ETF analysts said they expected the Hong Kong spot crypto exchange-traded funds to bring in about $1 billion in assets under management within the first year or two.
Mainland Chinese investors will not be able to invest in the Hong Kong regulated spot crypto ETFs, the Bloomberg analysts said on Wednesday.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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