Hong Kong Six Spot Bitcoin and Ether ETFs See $11.2M in Trading Volume


According to data from the Hong Kong Stock Exchange, the six newly launched spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund (ETF) products in Hong Kong saw a robust start, with a combined trading volume of approximately HK$87.5 million (equivalent to $11.2 million) on their debut trading day.

Hong Kong Spot Ethereum and Bitcoin ETF Triggers Interest

Notably, these six spot Bitcoin and Ether ETFs officially launched today, are managed by China Asset Management, Bosera, HashKey, and Harvest Global. Among these ETFs, ChinaAMC’s spot Bitcoin ETF emerged as the leader in trading activity, recording a substantial trading volume of HK$37.16 million on the same day.

Additionally, the assets under management (AUM) for ChinaAMC’s spot Bitcoin ETF swiftly climbed to an impressive $121.7 million, while its spot Ether ETF recorded $20.4 million in AUM. Bosera HashKey BTC ETF recorded HK$12.44 million and its ether ETF saw HK$2.48 million, while Harvest Global saw HK$17.89 million in its spot bitcoin ETF’s volume and HK$4.95 million in its ether ETF.

The successful debut of these ETFs underscores growing investor interest in cryptocurrencies, particularly Bitcoin and Ether, as regulated investment vehicles in Hong Kong.

Hong Kong Permit Retail Access to Spot Bitcoin ETF

Similarly, Hong Kong’s Securities and Futures Commission (SFC) has considered granting retail investors direct access to cryptocurrency-focused spot ETFs. Julia Leung, CEO of SFC said the move towards allowing retail investors to buy spot crypto ETFs aligns with global trends, where traditional financial institutions acknowledge the significance of cryptocurrencies.

It is worth mentioning that Hong Kong took the first position as a digitally ready economy in 2022 according to a readiness report. Interestingly, many digital asset institutions have opened offices in the country due to its welcoming policies surrounding cryptocurrencies.

Hong Kong Focus on Stablecoin Rules

Aside from the ongoing move for spot crypto ETFs, Hong Kong is channeling effort into its stablecoin ecosystem. Precisely, regulators in the country have worked on issuing stablecoin rules and regulations.

So far, several companies in Hong Kong including Harvest Global Investments, RD Technologies, and VSFG have indicated interest in stablecoin-related trials. Per a report, these Hong Kong-based firms are in discussions with the city’s de facto central bank, and their conversations are centered around potential stablecoin trials.

Sean Lee, senior advisor and head of stablecoin at VSFG, believes the stablecoin sandbox process will commence in the first quarter and last through the first half of 2024.

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