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Bitcoin ETF Trading Will Start in Hong Kong on 30 April

ByLouis Adams

Apr 25, 2024 #Bitcoin
Reading time: < 1 minute

Bloomberg has reported that trading of the spot Bitcoin ETF by Bosera Capital and HashKey Capital will begin on April 30 on the Hong Kong Stock Exchange.

The ETF was approved by the Hong Kong Securities and Futures Commission on April 15, along with three other ETFs for Bitcoin and Ethereum offered by Boshi International, China Asset Management, and Harvest Investment.

Analysts believe that the approval of these ETFs could lead to an influx of up to $1 billion within the next two years.

Some experts have noted that unlike BTC-ETFs in the US, which rely heavily on the “BlackRock effect,” Hong Kong’s ETF demand will depend more on the financial sector of the city.

Currently, only digital gold futures-based ETFs, including CSOP Bitcoin Futures, CSOP Ether Futures, and Samsung Bitcoin Futures, are listed on the Hong Kong Stock Exchange, with a total asset value of around $175 million.

In comparison, the US-registered ProShares Bitcoin Strategy ETF has a value of $2.5 billion. It should be noted that the spot Bitcoin ETFs in Hong Kong will differ from their US counterparts in terms of their subscription and in-kind redemption mechanism.