Hong Kong Securities and Futures Commission Approves First Spot Bitcoin and Ethereum ETFs

The Hong Kong Securities and Futures Commission (SFC) has made a groundbreaking decision to approve the first spot Bitcoin and Ethereum exchange-traded funds (ETFs). This move marks a significant milestone in the world of digital asset management and investment.

Several prominent companies have received approval from the SFC to launch these innovative ETF products. China Asset Management Co. (China AMC), Harvest Global Investments, Bosera International, and HashKey Capital are among the first to be granted the rights to offer spot Bitcoin and Ethereum ETFs to investors.

China AMC’s Hong Kong subsidiary announced that it will partner with OSL Digital Securities and Bank of China International-Prudential Trustee Limited to introduce the ETFs. Harvest Global Investments also revealed that it has received in-principle approval for two spot crypto ETFs, which will be issued in collaboration with OSL.

The approval of these ETFs is expected to address various issues in the digital asset market, such as high margin requirements and price premiums. The new products aim to provide a more accurate reflection of the immediate value of Bitcoin and Ethereum, ultimately benefiting investors.

In response to the news, the prices of Bitcoin and Ethereum have seen a positive uptick. Bitcoin is currently trading at $66,321, up by 2.4% from yesterday, while Ethereum is trading at $3,250, reflecting a 5.2% increase within the past 24 hours.

The approval of these ETFs in Hong Kong is a significant development that is likely to have a ripple effect on the global digital asset market. Investors and enthusiasts are eagerly anticipating the launch of these innovative products and the potential impact they will have on the industry.