Bitcoin

Hong Kong company explores launch of spot Bitcoin ETF

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Bloomberg reported that Venture Smart Financial Holdings (VSFG) plans to apply for a spot Bitcoin ETF (exchange-traded fund) in Hong Kong.

The financial services company plans to launch the product in the first quarter of this year, but has not yet filed an application with the Securities and Futures Commission, the news wire said.

Hong Kong wants to become Asia’s cryptocurrency hub

Late last year, SFC said it was ready to begin accepting applications for a spot cryptocurrency ETF, amid plans to carve out a niche as an Asian cryptocurrency hub. It also shared a circular about the requirements needed for companies to get approval for their products.

VSFG executive Brian Chan believes the local spot cryptocurrency ETF market has tremendous potential. Accordingly, it is planned that the size of operating assets will reach $500 million by the end of this year.

VSFG is approved by the SFC as a virtual asset manager, increasing the likelihood that your ETF application will be approved quickly.

According to Bloomberg, four other asset management companies are also interested in listing a Hong Kong spot cryptocurrency ETF.

Big success for U.S. spot Bitcoin ETF product

The spot BTC ETF recently launched in the US has been a huge success. Bitcoin is now the second-largest ETF product in the U.S. by assets under management (AUM).

The spot Bitcoin ​ETF currently holds 647,285 BTC, worth over $27 billion. By comparison, the AUM of US funds holding silver is $11.5 billion. Gold ETFs have peak AUM of over $96 billion.

The spot Bitcoin ​ETF saw a 34% increase in volume on its fifth day of trading, with net flows exceeding $1 billion.

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