There’s a growing excitement about spotting Bitcoin ETFs (exchange-traded funds) outside the United States, particularly in Hong Kong. Local regulators are showing interest in these products, and firms in Hong Kong are eager to be among the first to offer them.
Two asset management companies in Hong Kong, Value Partners Group and Venture Smart Financial Holdings (VSFG), have agreed to work together. They plan to offer traditional investment options supported by digital assets to local retail and institutional investors. According to a statement they shared, one of their main goals is to introduce ETFs that track the value of spot Bitcoin.
June Wong, the CEO of Value Partners, mentioned they want to take advantage of Hong Kong’s welcoming stance on cryptocurrencies. They aim to provide easy access to Bitcoin as an investment option, leveraging their years of experience and expertise.
“The plan to launch a spot Bitcoin ETF marks our first collaborative initiative, offering Hong Kong investors exposure to the world’s largest digital asset, all while enjoying the convenience and efficiency of the ETF vehicle.“
June Wong, Value Partners CEO
Lawrence Chu, Chairman at VSFG, highlighted the rapid evolution of the financial and virtual asset landscape in Hong Kong and globally. Both firms are aiming to be at the forefront of this change.
There’s notable competition in this space, as Hong Kong might see the introduction of spot Bitcoin ETFs by the middle of the year. Gary Tiu, the chief executive and head of regulatory affairs at OSL, noted that the government is moving towards allowing these products to be listed on local exchanges.
Following the U.S. Securities and Exchange Commission’s (SEC) approval of similar products, Hong Kong lawmakers have been pushing to adopt spot BTC ETFs quickly. In just two weeks after their launch in the U.S., these ETFs saw billions of dollars flow in and out.
According to HashKey, nearly ten hedge funds are ready to launch crypto spot ETFs. Hong Kong’s securities regulator has also suggested allowing local investors to participate in these offerings.
