Hong Kong Set to Approve Bitcoin and Ethereum Spot ETFs with Possibility of Trading by Month End
Hong Kong is expected to approve the Bitcoin Spot ETF and Ethereum Spot ETF as early as this Monday, according to Bloomberg. This decision is considered one of the most significant events for the crypto market in the short term.
If everything goes as planned, trading of these ETFs could begin before the end of the month.
Approval Details and Main Candidates
The details regarding the listing of these products are being finalized with Hong Kong Exchanges & Clearing (HKEX). Harvest Global Investments, a major asset management company in China, is said to be the first applicant for a Bitcoin Spot ETF, closely followed by a product proposed by Bosera Asset Management (International) Co. and HashKey Capital. These companies could be among the first to obtain the necessary approval to launch these innovative financial products.
An Ethereum Spot ETF in Hong Kong Ahead of the United States?
The timeline for these approvals is not yet set in stone and may undergo last-minute changes. However, the approval of these Bitcoin and Ethereum ETFs in Hong Kong is seen as a potential catalyst to establish the city as a central hub for digital assets in Asia and the world.
While the United States approved Bitcoin Spot ETFs in January, leading to a record spike in the BTC price to $73,000, they have not yet given the green light for Ethereum Spot ETFs. Expectations remain moderate for an imminent American approval for ether ETF products.
