Harvest Global Investments (HGI), a prominent Chinese asset manager, has reportedly submitted an application for a Bitcoin spot exchange-traded fund (ETF) to the Securities and Futures Commission of Hong Kong. This filing could lead to the city’s inaugural Bitcoin spot ETF if it receives approval.
HGI anticipates rolling out the new financial product following the Lunar New Year celebrations, with a target date post-February 10.
Following a surge of investment and a positive reception to the newly launched series of spot Bitcoin ETFs in the United States just two weeks prior, regulators have taken note. The U.S. Securities and Exchange Commission granted its approval on January 11, which has since encouraged financial institutions from different parts of the world, including China, to pursue similar opportunities.
HGI’s recent filing for a Bitcoin spot ETF reflects a pivotal shift in the financial landscape, aiming to capitalize on the growing appetite for digital currencies.
Global financial services firm Venture Smart Financial Holdings, based in Hong Kong, has also announced intentions to apply for a spot Bitcoin ETF and is aiming to commence trading within the current quarter, according to earlier reports by Bloomberg.
Additionally, Venture Smart Financial is involved in discussions with the Hong Kong Monetary Authority regarding the proposed stablecoin sandbox initiative, as per sources familiar with the situation reported by Bloomberg.
The entry of China’s prominent financial players into the Bitcoin spot ETF arena marks a significant development in the digital asset investment field.
This initiative reflects the broader shift among established finance entities towards embracing and integrating cryptocurrencies to meet the shifting investment strategies of active investors, who are progressively considering digital currencies as legitimate components of their portfolios.
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