Top Chinese Asset Manager Moves to Launch Bitcoin ETF in Hong Kong
The Hong Kong subsidiary of Chinese asset management firm, Harvest Fund Management, applied for a spot Bitcoin ETF on Jan. 26.
This marks the first submission of its kind in Hong Kong, Tencent News reported on Monday.
The Securities and Futures Commission (SFC) is said to be expediting approval for the ETF’s launch, which is expected to be listed on the Hong Kong Stock Exchange. They aim for a launch just after Chinese New Year, which will run from Feb. 10 to Feb. 17 this year.
Harvest Fund Management is primarily a Chinese asset management firm offering services to pension and profit-sharing plans, insurance companies, and enterprises. As of 2021, the fund managed assets worth $121b.
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
Harvest and the SFC didn’t return Cryptonews’ request for comment by press time.
This development follows the US SEC’s approval of 11 spot Bitcoin ETFs on Jan. 10, marking a significant milestone for the industry following earlier rejections.
BlackRock’s IBIT, VanEck’s HODL, and Grayscale’s GBTC were among notable approvals.
Hong Kong is also prepared to follow the US’ trend. In December, the SFC and the Hong Kong Monetary Authority jointly announced their readiness to accept applications for virtual asset spot ETFs. Additionally, they outlined the expected standard of conduct for intermediaries distributing these funds.
Hong Kong crypto leaders see the SFC favorably paving the way for spot Bitcoin ETFs.
Yat Siu, chairman of web3
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