Chinese Fund Giant Harvest Submits Spot Bitcoin ETF Application to Hong Kong SEC
While spot Bitcoin ETFs have seen strong fund inflows within a month of their launch in the US, financial players in other markets are exploring similar opportunities. Last week, on January 26, Harvest Hong Kong, one of China’s largest fund companies, applied for spot Bitcoin ETF approval from the Securities and Futures Commission.
Harvest Fund Launches Milestone Push with Bitcoin ETF Application
In a significant development, Harvest Fund Hong Kong Company has taken the lead in filing an application for a Bitcoin spot Exchange Traded Fund (ETF) with the Hong Kong Securities and Futures Commission. Tencent News “First Line” obtained this information exclusively, creating the first example of such an application in the region.
Tencent News “First Line” sources reveal that the Hong Kong Securities Regulatory Commission is actively working to expedite the approval process of the first Hong Kong Bitcoin spot ETF. The projected timeline aims for the first Hong Kong spot Bitcoin ETF to be listed on the Hong Kong stock exchange after the Spring Festival.
This move comes just two weeks after the US Securities and Exchange Commission approved the first batch of US spot Bitcoin ETFs on January 11. The increased pace of progress in Hong Kong follows the regulatory green light given to similar ETFs in the US. It signals a proactive approach by the Hong Kong Securities Regulatory Commission towards adopting digital currencies.
Hong Kong Prepares to Follow US Footsteps
Latest data analysis reveals that among the 27 Bitcoin spot ETFs in the United States, Grayscale Bitcoin Trust (GBTC) has a significant market share of $20.2 billion. Other major players in the US market include BlackRock’s IBIT ($1.8 billion), Proshare’s BITO ($1.78 billion) and Fidelity Fund’s FBTC ($1.6 billion) .
Tencent News “First Line” has collected insights that suggest the Hong Kong Securities Regulatory Commission may take a similar approach to the U.S. by approving multiple institutions at once. But Harvest Fund is not the only player in the spot Bitcoin ETF race. Venture Smart Financial Holdings Ltd. Other financial players such as are also planning to launch a similar product.
Analysts from Hong Kong’s fund industry think mirroring the US spot Bitcoin ETF landscape could lead to similar performance results. Larger institutions like BlackRock and Fidelity could potentially experience faster growth due to their larger investor bases and broader customer acquisition channels.
Family office investor managers in Hong Kong express growing interest in subscribing to local spot ETFs, although they acknowledge potential differences in scale compared to the US market. Hong Kong’s spot ETFs, in particular, may offer the option of direct Bitcoin subscriptions in addition to fiat currency subscriptions.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
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