Anticipation is building as Hong Kong is poised to potentially approve ETF products, marking a significant event with the potential to drive cryptocurrency markets in the near future.
According to sources cited by Bloomberg, Hong Kong may greenlight spot Bitcoin and Ether ETFs as early as Friday, with the possibility of trading beginning by the end of the month. However, it’s important to note that the approval timeline is not set in stone and could undergo last-minute alterations.
Reports suggest that spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds could receive approval in Hong Kong as soon as Monday. Pending the finalization of listing details with Hong Kong Exchanges & Clearing (HKEX), these products could hit the market by month-end. Harvest Global Investments, a major Chinese asset management company, along with Bosera Asset Management (International) Co. and HashKey Capital, are among the frontrunners for approval.
It’s worth mentioning that the approval timeline remains flexible and may be subject to adjustments. Hong Kong’s endorsement of ETF products is anticipated to be a major catalyst for cryptocurrency markets and could position the city as a prominent digital asset hub in Asia.
While the U.S. recently approved spot Bitcoin ETFs in January, resulting in a substantial price surge that propelled Bitcoin to $73,000, it has yet to greenlight Ether ETFs. Expectations for the approval of spot Ether ETF products in the U.S. are subdued.
The Securities and Futures Commission (SFC), Hong Kong’s market regulator, has declined to comment on the matter. Requests for comments from Harvest Global Investments, Bosera Asset Management, HashKey, and HKEX were not immediately responded to after business hours on Friday.
