Coin Edition -
- Harvest Hong Kong has applied for a spot Bitcoin ETF launch on January 26.
- Hong Kong’s SFC promotes Bitcoin ETFs and intends to launch the first Spot Bitcoin ETF after the Spring Festival.
- The regulators may imitate the US SEC by approving applications filed by multiple companies.
Bitcoin ETFs have been largely garnering attention since their launch on January 11, with more and more ETF issuers stepping forward. Recent reports unearthed that one of China’s largest fund companies, Harvest Hong Kong, applied for a Spot Bitcoin ETF launch on January 26.
According to the report, Harvest Hong Kong, the first company to file for a spot Bitcoin ETF in Hong Kong, awaits the Securities and Futures Commission’s (SFC) approval. Another figure to publicize the news was the Chinese reporter Colin Wu, who shared an X post on the matter via his official account, Wu Blockchain.
On January 26, Harvest Hong Kong, one of China’s largest fund companies, submitted a Bitcoin spot ETF application to the Hong Kong Securities and Futures Commission. This is the first institution in Hong Kong to submit a Bitcoin spot ETF application. https://t.co/UgMfQ6G8xQ— Wu Blockchain (@WuBlockchain) January 29, 2024
The report also hinted at the SFC’s enthusiasm for promoting exchange-traded funds (ETFs). The regulators intend to speed up the ETF approval procedures in a bid to launch the inaugural Spot Bitcoin ETF in Hong Kong after the Spring Festival.
Hong Kong’s SFC reportedly intends to align with the US Securities and Exchange Commission’s strategies for ETF approvals. Earlier this month, the US SEC approved the ETF applications filed by almost 11 financial giants. Similarly, as per the report, Hong Kong may adopt such an approach, approving the applications of multiple companies. However, as of now, there are no other companies than Harvest Hong Kong in the line.
The report also sheds light on the growth of the US ETF market since January 11. As per data, 27 spot Bitcoin ETFs exist in the nation, out of which Grayscale holds a significant position with its $20.2 billion market share. Other leading players include BlackRock, Fidelity, and Proshare.
Reportedly, industry experts in Hong Kong are divided over the notion of imitating the US. Some commented that the move would result in similar growth for industry giants. However, others supported subscribing to local spot ETFs, considering the notable differences in crypto in the US and China.
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