Spot Bitcoin ETFs have debuted in Hong Kong as the local stock market commences trading.
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The long-awaited approval heralds a new chapter for the Bitcoin sector in the region. Following the recent green light from Hong Kong's Securities and Futures Commission for three Spot Bitcoin ETFs, major asset management firms have been preparing for this milestone. China Asset Management, Harvest Global Investments, Bosera International, and HashKey are among the firms granted regulatory clearance to launch these ETFs.
ETF analysts Eric Balchunas and James Seyffart from Bloomberg disclosed the fees for the ETFs in a recent post, noting that they were lower than their initial projections, which they interpreted as a positive indicator.
Anticipation surrounds these ETFs, poised to capture significant attention from both local and global investors, solidifying Hong Kong's status as a top-tier destination for Bitcoin investment prospects.
According to a report by WuBlockchain, a Hong Kong-based spot Bitcoin ETF issuer revealed that the anticipated issuance scale of Hong Kong's Bitcoin and Ethereum spot ETFs, set to launch tomorrow at UTC+8, is expected to range between US$200 million to US$300 million. This surpasses the first-day issuance scale of US$125 million in the United States.
Balchunas further echoed sentiments, stating, "China AMC is pretty confident that HK can outdo the US in bitcoin ETF flows and volume on day one. Also says other regions like Singapore and Middle East could seek out the ETFs altho confirmed off limits for China mainland investors," He added, "Anything nearing $125 million would be remarkable on day one for Hong Kong, equivalent to $21 billion in the US!"