Bitcoin

Hong Kong to launch Bitcoin and Ethereum ETFs on April 30

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9 months ago

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Hong Kong is set to launch its inaugural Bitcoin and Ethereum exchange-traded funds (ETFs) on April 30 following approval from the Securities and Futures Commission (SFC), Bloomberg reported.

These ETFs, managed by Bosera-HashKey Capital and China Asset Management (ChinaAMC), will provide a regulated investment channel for cryptocurrencies, aiming to attract retail and institutional investors.

The ETFs will utilize an in-kind creation model, allowing for the direct exchange of cryptocurrencies for ETF shares, a method not currently used in the United States.

The introduction of these ETFs is a strategic move by Hong Kong to consolidate its status as a digital asset hub and capitalize on the growing global interest in investing in cryptocurrencies.

It follows the approval and launch of spot Bitcoin ETFs in the world’s largest economy, the US, which has led to a record rise in cryptocurrency prices.

Bitcoin has reached a new all-time high price of $73,737 since the launch of ETFs in the US in January.

It traded at $65,044 at 1:30 p.m. ET, down 2.5% for the day. Ethereum fell 1.4% to $3,182, according to data from CoinGecko.

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