Ethereum
Hong Kong to launch Bitcoin and Ethereum ETFs on April 30
Hong Kong set to launch its first Bitcoin and Ethereum exchange-traded funds (ETFs) on April 30, following approval from the Securities and Futures Commission (SFC), Bloomberg reported.
These ETFs, managed by Bosera-HashKey Capital and China Asset Management (ChinaAMC), will provide a regulated investment channel for cryptocurrencies, aiming to attract both retail and institutional investors.
The ETFs will use an in-kind creation model, allowing for the direct exchange of cryptocurrencies for ETF shares, a method currently not used in the United States.
The introduction of these ETFs is a strategic move by Hong Kong aimed at cementing its status as a digital asset hub and capitalizing on the growing global interest in cryptocurrency investments.
This follows the approval and launch of spot Bitcoin ETFs in the world’s largest economy, the United States, which led to a record rise in cryptocurrency prices.
Bitcoin has reached a new all-time price high of US$73,737 since the ETF launched in the US in January.
It was trading at US$65,044 at 1:30 p.m. ET, down 2.5% on the day. Ethereum is down 1.4% at US$3,182, according to CoinGecko data.