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Two asset management firms in Hong Kong have collaboratively submitted an application for a spot Bitcoin exchange-traded fund (ETF) to the Securities and Futures Commission (SFC). This initiative coincides with the regulator’s preparations to approve ‘in-kind’ BTC spot ETFs in the second quarter of 2024.
Asset managers VSFG and Value Partners disclosed last week that they have jointly sought approval for a spot Bitcoin ETF. Both organizations aim to gain first-mover advantages by introducing this investment vehicle to retail and institutional investors alike.
“Utilizing Value Partners’ extensive expertise and history in ETF management, along with VSFG’s significant experience, we are well-positioned to provide our clients with additional investment choices, especially in virtual assets, enabling them to seize market opportunities and navigate this dynamic and evolving landscape,” stated Value Partners CEO June Wong.
VSFG became the first virtual asset manager in Hong Kong to establish a regulated Bitcoin fund in June 2020.
In January, Chinese asset manager Harvest Global Investments submitted an application to Hong Kong’s Securities and Futures Commission (SFC) to initiate a Bitcoin spot ETF, in conjunction with Hong Kong-based firm Venture Smart Financial Holdings.
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Hong Kong’s Spot Bitcoin ETF Race
Hong Kong is closely trailing the US in the approval of Bitcoin spot ETFs for public trading. In December 2023, the city-state’s regulators, SFC and HKMA, indicated their readiness to evaluate applications for crypto ETFs.
Yat Siu, chairman of web3 investor Animoca Brands, mentioned that the SFC is receptive to expanding access to digital assets. Siu asserted that a spot Bitcoin ETF would be ‘uncontroversial.’
Earlier this year, COO of HashKey Group, Livio Weng, revealed that approximately 10 fund companies are preparing to launch a crypto spot ETF in Hong Kong.
Chinese asset management giant Harvest Fund Management’s Hong Kong subsidiary submitted an application for a spot Bitcoin ETF on January 26. This application was reportedly the first of its kind in the nation.
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