Hong Kong Bitcoin Spot ETF Becomes Market Focus, Several Top Chinese Fund Companies Reported to be Deploying Bitcoin Spot ETF Through Hong Kong Subsidiaries. Industry insiders estimate that the application for Hong Kong Bitcoin Spot ETF may be approved in the second quarter of this year.
(Prior Summary: Hong Kong’s first Bitcoin spot ETF could be listed as early as May! IG Group and VSFG: Close Discussion with the Securities and Futures Commission)
(Background Supplement: Asia’s first Bitcoin spot ETF is here? Chinese media: Multiple financial institutions in Hong Kong have submitted applications)
According to the Chinese official media “Securities Times” report, several top Chinese fund companies are deploying Bitcoin ETF through Hong Kong subsidiaries. After the Hong Kong subsidiary under Southern Fund became the first company to launch Bitcoin futures ETF products, the competition for the first Hong Kong Bitcoin spot ETF product has become the market focus.
Multiple Chinese public fund companies are deploying Bitcoin ETF. Currently, it is reported that the funds intending to launch Bitcoin spot ETF include:
Guotai Junan International, a Hong Kong subsidiary of Guotai Junan Fund, has applied for Bitcoin spot ETF with the Hong Kong Securities and Futures Commission and is awaiting approval from the Hong Kong regulatory authorities.
Another insider from a large public fund revealed that the company and its Hong Kong subsidiary are aware of the Bitcoin futures ETF launched by peers in Hong Kong and the Bitcoin spot ETF currently under application. They are currently focusing on the operability and prospects of the Bitcoin business.
The Hong Kong subsidiary of Huaxia Fund has reached a cooperation agreement with Hong Kong virtual asset exchange HashKey Exchange, indicating a strong interest in Bitcoin spot ETF and has made preliminary preparations.
HashKey provides underlying infrastructure support such as trading and custody for funds applying for ETFs in Hong Kong. HashKey revealed that its custody business has been operating steadily for over a year and is becoming an option for fund institutions to launch virtual asset spot ETFs.
So far, about 30 public fund companies have established subsidiaries in Hong Kong. Market participants judge that if the subsidiaries of top fund companies in Hong Kong successfully apply for Bitcoin ETF products, it will further prove the maturity and market development potential of their operations. It is not ruled out that more top fund companies will deploy Bitcoin business through Hong Kong subsidiaries.
Bitcoin spot ETF estimated to launch in the second quarter
Industry insiders believe that the application for Bitcoin spot ETF may be approved in the second quarter of this year. HashKey also expects that there will be clear news about Hong Kong Bitcoin spot ETF in the first half of this year.
A previous research report pointed out that Hong Kong aims to achieve the subscription and redemption of spot Bitcoin ETFs in the second quarter, which is expected to significantly increase the asset management scale and trading volume of Bitcoin ETF issuers in that area.
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