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Spot Ethereum and Bitcoin ETFs can be approved in Hong Kong starting Monday, less than a week before the Bitcoin halving. This is an expected milestone ahead of a BTC price surge.
According to Friday’s report: bloombergChinese asset managers Harvest Fund Management, Bosera Asset Management and HashKey Capital are expected to receive regulatory approval for ETFs for the top two digital assets. This news comes as the outlook for the U.S. spot Ethereum ETF is fading.
Hong Kong and the Hong Kong Stock Exchange (HKEX) are a major global financial hub and the main gateway to the Chinese market. HKEX is one of the world’s largest exchanges by market capitalization, along with the New York Stock Exchange (NYSE).
A Bitcoin ETF is a product managed by an investment company that purchases and holds actual Bitcoin, and its price is pegged to the value of the Bitcoin held in the fund. Ethereum ETFs work the same way. Funds are listed on traditional stock exchanges, and investors trade ETFs like any other stock.
Speculation that HashKey Capital will be one of the companies to offer a Bitcoin and Ethereum ETF comes as the Singapore-based company raises a $500 million fund focused on advancing blockchain technology initiatives. It goes back to January when it was announced.
The Chinese government has taken a hard line against individual Bitcoin mining operations and transactions. However, cryptocurrency and blockchain technology are performing relatively well. Last year, China established a blockchain research hub in Beijing.
While U.S. regulators are struggling to approve cryptocurrency-based ETFs, Asian markets, including Japan, South Korea and Singapore, appear to be increasing the availability of digital asset investment products.
Growing interest in Bitcoin and the approval of ETFs in several regions, including the United States, will force Hong Kong investors to purchase the latest investment product.
Harvest Fund Management, Bosera Asset Management, and Hashiki Capital did not immediately respond. detoxification Request for comment.
Edited by Ryan Ozawa.
