Spot Bitcoin ETF begins trading in Hong Kong
Spot Bitcoin Exchange Traded Fund (ETF) was officially listed in Hong Kong with the opening of the stock market.
Formula: Spot #Bitcoin ETF trading begins in Hong Kong đź‡instagram pic.twitter.com/yI8HsqRECf
— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024
The approval, eagerly awaited for months, signals a new era for the Bitcoin industry in the region. Major asset managers are gearing up for the event after the Hong Kong Securities and Futures Commission approved three spot Bitcoin ETF applications earlier this month. China Asset Management, Harvest Global Investments, Bosera International, and HashKey were all among the asset managers that received regulatory approval to offer these ETFs.
Bloomberg ETF analysts Eric Balchunas and James Seyffart shared ETF fees in an X post, saying they were lower than initially expected and highlighting them as a “good sign.”
The Hong Kong spot Bitcoin/Ether ETF has been officially approved to begin trading on April 30. Fees are lower on average than we expected at 30bps, 60bps, and 99bps. That’s a good sign. We’ll have an analyst Q&A on this with our local Hong Kong team in under an hour. Register here and get your qs: https://t.co/GzzCZailx3 https://t.co/AvJ6dv2Xha
— Eric Balchunas (@EricBalchunas) April 24, 2024
These ETFs are expected to attract significant interest from both domestic and foreign investors, positioning Hong Kong as a premier destination for Bitcoin investment opportunities.
A Hong Kong spot Bitcoin ETF issuer told WuBlockchain, “Hong Kong’s Bitcoin and Ethereum spot ETF issuance volume, which will be launched tomorrow UTC+8, is expected to reach US$200 million to US$300 million beyond the first day.” I told you. “The U.S. issuance volume amounts to $125 million.”
“Chinese AMCs are confident that Hong Kong could surpass the US in Bitcoin ETF flows and trading volume on the first day. It also said other regions such as Singapore and the Middle East could find ETFs despite limits on mainland Chinese investors being confirmed. said,” Balchunas said. Similar statements. “An amount close to $125 million would be unrealistic for Hong Kong’s first day. That’s equivalent to $21 billion in the United States!”
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Markus Thielen of Singapore-based Matrixport and 10x Research predicts that spot Bitcoin ETFs in Hong Kong could potentially generate up to $25 billion in new demand, putting these financial instruments at the forefront of Bitcoin as a mainstream asset class. He emphasized that it can play an important role in legalizing it.
As the ETF launches in Hong Kong, the city welcomes the Bitcoin Asia conference starting next week. This is because advertising for both the conference and the ETF is now being marketed to Hong Kong residents.
giant #Bitcoin Asia conference advertisement spotted in Hong Kong a few days after Bitcoin ETF approval đź‡instagram
Asia is coming 🚀
— Bitcoin Magazine (@BitcoinMagazine) April 17, 2024
