Why the Hong Kong Bitcoin ETFs Matter – Consider This:

Author

Markus Thielen
April 15, 2024

👇1-15) Today, Hong Kong approved several spot Bitcoin ETFs and Ether ETFs managed by China Asset Management, Harvest Global, Bosera, and HashKey. While no trading date has been set, expectations are for April 30 as the first trading day. The move is largely expected, and most dismiss it as US-listed Bitcoin Futures have 35x more AUM than HK-listed ones ($5bn vs. $140m).

👇2-15) Starting in December 2023, the HKMA and SFC (central bank and securities regulator) have been accepting applications for ‘virtual asset spot’ ETFs. Therefore, the approval comes in just four months. Unlike Bitcoin ETFs in the US, these Hong Kong-listed ETFs stand out for a) including Ether and b) using in-kind redemptions, a departure from cash-only redemptions. Stamp duty for trading ETFs has been waived since 2015.

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