Spot Bitcoin exchange-traded funds (ETFs) were officially launched in Hong Kong as its stock exchange opened.
OFFICIAL: SPOT #BITCOIN ETFS START TRADING IN HONG KONG 🇭🇰 pic.twitter.com/yI8HsqRECf
– Bitcoin Magazine (@BitcoinMagazine) April 30, 2024
The approval, eagerly awaited for months, signals a new era for the Bitcoin industry in the region. Major asset managers are gearing up for the event, after Hong Kong's Securities and Futures Commission approved three Spotting Bitcoin ETFs applications earlier this month. Asset management in China, Harvest global investments, Bosera International and HashKeywere all among the asset managers that received regulatory approval to offer these ETFs.
Eric Balchunas and James Seyffart, ETF analysts at Bloomberg, shared ETF fees in an article, saying they were lower than they had initially expected, highlighting this as a “good sign.”
The Hong Kong bitcoin/ether spot ETFs have been officially approved to begin trading on April 30. The fees are 30 basis points, 60 basis points and 99 basis points, which on average are lower than we thought, a good sign. We're doing an analyst Q&A in an hour on this with the local Hong Kong team. Register here, bring your questions: https://t.co/GzzCZailx3 https://t.co/AvJ6dv2Xha
– Eric Balchunas (@EricBalchunas) April 24, 2024
These ETFs are expected to attract considerable interest from local and international investors, thereby positioning Hong Kong as a premier destination for Bitcoin investment opportunities.
A Hong Kong Spot Bitcoin ETF Issuer Reportedly said WuBlockchain “the issuance scale of Hong Kong Bitcoin and Ethereum spot ETFs, which will be launched tomorrow at UTC+8, is expected to reach 200-300 million US dollars, surpassing the issuance scale on the first day of 125 million US dollars in the United States. States.”
“China AMC is quite confident that Hong Kong can surpass the United States in terms of Bitcoin ETF flows and volume on day one. It also claims that other regions like Singapore and the Middle East could search for ETFs, although ban confirmed for mainland China investors”, Balchunas echoes in a similar statement. “Anything close to $125 million would be unreal on day one for Hong Kong, that’s the equivalent of $21 billion in the US!”
Singapore-based Matrixport and Markus Thielen of 10x Research predict that Hong Kong's Spot Bitcoin ETFs could potentially generate up to $25 billion in new demand, highlighting the important role these financial instruments could play in legitimizing Bitcoin as a dominant asset class.
As ETFs launch in Hong Kong, the country also welcomes the Bitcoin Asia Conferencewhich begins next week, as advertisements for the conference and ETFs are NOW marketed to residents of the country.
Giant #Bitcoin Asian conference announcement spotted in Hong Kong days after spot approval of Bitcoin ETF 🇭🇰
Asia is coming 🚀
– Bitcoin Magazine (@BitcoinMagazine) April 17, 2024