Hong Kong approves first batch of spot bitcoin, ether ETFs in drive to become crypto hub

Asia • April 15, 2024, 2:26AM EDT

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Quick Take

Hong Kong approved several spot bitcoin ETFs and spot ether ETFs managed by China Asset Management, Bosera and HashKey on Monday.
The asset managers did not disclose the timeline of the launch.

Hong Kong approved the applications of several spot bitcoin and ether exchange-traded funds on Monday, as the region continues its drive to become a regional crypto hub.

China Asset Management, a major Chinese asset manager, said that its Hong Kong unit has received approval from the Hong Kong Securities and Futures Commission to offer retail asset management services related to spot crypto ETFs. It plans to issue spot bitcoin and ether ETFs in collaboration with OSL and BOCI International.

Bosera Asset Management, a Hong Kong unit of a major Chinese asset manager, and HashKey also told The Block on Monday that the regulator has given conditional approval for two spot crypto ETFs jointly managed by the pair.

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Bosera and HashKey told The Block that the pair will work together to launch a spot bitcoin ETF, the Bosera HashKey Bitcoin BTC +2.12% ETF, and a spot ether ETF, the Bosera HashKey Ether ETF. The two ETFs are expected to allow investors to subscribe for ETF shares using bitcoin and ether directly. They did not disclose the timeline of the launch.

"The introduction of the Virtual Asset Spot ETFs not only provides investors with new asset allocation opportunities but also reinforces Hong Kong's status as an international financial center and a hub for virtual assets,” Bosera said in a statement.

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About Author

Timmy Shen is an Asia editor for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance, entertainment business and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.