Hong Kong’s spot bitcoin, ether ETFs see over $6.3 million in half-day volume upon debut

Funds • April 30, 2024, 1:20AM EDT

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Quick Take

The trading volume of the newly listed spot bitcoin and ether ETFs in Hong Kong amounted to over $6.3 million during the morning session today, according to HKEX data.
In comparison, when the 11 spot bitcoin ETFs began trading in the U.S. in January, their daily turnover reached about $4.6 billion on the first trading day.

Hong Kong’s six new bitcoin and ether exchange-traded funds recorded a trading volume of around HK$49.4 million ($6.3 million) during the morning session on their first trading day on Tuesday, according to data from the Hong Kong Stock Exchange.

Data from the HKEX showed that China Asset Management’s “ChinaAMC Bitcoin ETF” led in trading volume, logging HK$22.97 million in turnover during the first half of the trading day. The ChinaAMC Ether ETF recorded the second-largest turnover among the six ETFs, with a volume of HK$10.47 million.

Six spot bitcoin and ether ETFs — managed by China Asset Management, Harvest Global, Bosera, and HashKey — officially debuted in Hong Kong today.

Harvest saw HK$8.11 million in its spot bitcoin ETF’s volume and HK$2.18 million in ether’s, while Bosera HashKey Bitcoin ETF recorded HK$3.59 million and its ether ETF’s volume was HK$1.53 million during the morning session.

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When the U.S.’ 11 spot bitcoin ETFs began trading in January, their first-day volume reached about $4.6 billion.

Meanwhile, China Asset Management said its subscription size during the initial offering period before trading amounted to about HK$1.1 billion ($140.5 million), with its bitcoin product raking in HK$950 million and the ether ETF bringing in HK$160 million, as first noted by Wu Blockchain. China Asset Management has confirmed the amount with The Block.

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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.