Venture Smart Financial Holdings Ltd. (VSFG), a Hong Kong-based financial services firm, is preparing to apply for a spot Ethereum exchange-traded fund (ETF) in anticipation of potentially launching its spot bitcoin ETF in the first quarter.

In a Friday interview with The Block, VSFG Chairman Lawrence Chu said that the firm is in the final phase of officially submitting its application for a spot bitcoin ETF to the Hong Kong Securities and Futures Commission.

In Hong Kong, extensive regulatory discussions typically precede the submission of an application, according to Chu. “Submission [for application] is almost like when you're 95% there,” he added.

Chu noted that the company is targeting a second-quarter submission for a spot Ethereum ETF, provided its spot bitcoin ETF is approved …