Chinese Fund Giant Harvest Submits Spot Bitcoin ETF Application to Hong Kong SEC

Amid robust fund inflows inside a month of launching the spot Bitcoin ETFs within the US, monetary gamers from different markets are exploring comparable alternatives. Final week on January 26, certainly one of China’s largest fund corporations – Harvest Hong Kong – utilized for a spot Bitcoin ETF approval from the Securities and Futures Fee.

Harvest Fund Initiates Milestone Transfer With Bitcoin ETF Software

In a big growth, Harvest Fund Hong Kong Firm has taken the lead in submitting an software for a Bitcoin spot Change-Traded Fund (ETF) to the Securities and Futures Fee of Hong Kong. Tencent Information “First Line” solely obtained this info, marking the primary occasion of such an software within the area.

Sources from Tencent Information “First Line” reveal that the Hong Kong Securities Regulatory Fee is actively working in the direction of expediting the approval course of for the primary Hong Kong Bitcoin spot ETF. The envisioned timeline goals to have the inaugural Hong Kong spot Bitcoin ETF listed on the Hong Kong Inventory Change submit the Spring Competition.

This transfer comes simply two weeks after the U.S. Securities and Change Fee granted approval for the primary batch of U.S. spot Bitcoin ETFs on January 11. The accelerated tempo of progress in Hong Kong follows the regulatory inexperienced gentle given to comparable ETFs in the USA, signaling a proactive method by the Hong Kong Securities Regulatory Fee in embracing digital currencies.

Hong Kong Gearing Up To Comply with US Footprint

Current information evaluation reveals that inside the panorama of 27 Bitcoin spot ETFs in the USA, Grayscale Bitcoin Belief (GBTC) holds a considerable market share at $20.2 billion. Different notable gamers within the U.S. market embody BlackRock’s IBIT ($1.8 billion), Proshare’s BITO ($1.78 billion), and Constancy Fund’s FBTC ($1.6 billion).

Tencent Information “First Line” has gathered insights suggesting that the Hong Kong Securities Regulatory Fee could undertake the same method to the USA, approving a number of establishments concurrently. However Harvest Fund will not be the only participant within the race for a spot Bitcoin ETF. Different monetary gamers like Venture Smart Financial Holdings Ltd. are additionally eyeing the same product launch.

Analysts from Hong Kong’s fund sector opine that mirroring the U.S. spot Bitcoin ETF panorama could end in comparable efficiency outcomes. Bigger establishments, resembling BlackRock and Constancy, may probably expertise extra fast development resulting from their in depth investor base and broader buyer acquisition channels.

Household workplace investor managers in Hong Kong specific heightened curiosity in subscribing to native spot ETFs, regardless of acknowledging potential discrepancies in scale in comparison with the U.S. market. Notably, Hong Kong’s spot ETFs could introduce the choice for direct Bitcoin subscriptions, along with authorized forex subscriptions.

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Bhushan is a FinTech fanatic and holds aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Know-how and Cryptocurrency markets. He’s repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and generally discover his culinary expertise.

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