Hong Kong Launches Asia’s First Spot Bitcoin and Ethereum ETFs
The Hong Kong Stock Exchange today announced the launch of new spot Bitcoin and Ethereum exchange-traded funds (ETFs).
According to an official announcement by Hong Kong Exchanges and Clearing Limited (HKEX), the Bitcoin and Ethereum ETFs were welcomed on Tuesday, April 30, marking the introduction of the first spot virtual asset (VA) ETFs in Asia.
Expanding Virtual Asset Investment Choices
The announcement stated that Investor interest in virtual asset ETFs has significantly increased since the launch of VA Futures ETFs in late 2022.
By the first quarter of 2024, the combined average daily turnover for the three VA Futures ETFs listed in Hong Kong surged to $51.3 million from $8.9 million the previous year. These ETFs also attracted $529 million in net inflows during the same period.
The range of exchange-traded products (ETPs) on the Hong Kong Stock Exchange continued to grow, with ETFs and Leveraged and Inverse Products (L&I Products) among the fastest-expanding segments.
“The introduction of Spot VA ETFs in Hong Kong is the latest exciting addition to HKEX’s diverse and vibrant ETP ecosystem, providing investors with access to a new asset class,” said HKEX Head of Equities Product Development Brian Roberts.
“Following the success of VA Futures ETFs, the listing of Asia’s first spot VA ETFs will further enhance the product diversity and liquidity of the Hong Kong ETP market,” said Roberts.
Bitcoin and Ethereum ETF Competition in Hong Kong
China Asset Management Co. (China AMC), Harvest Global Investments, and Bosera International and HashKey Capital are the issuers of the spot Bitcoin and Ethereum ETFs. They could lead a new round of ETF competition according to a previous report.
In 2023 and the first quarter of 2024, HKEX introduced 16 new ETFs, increasing the total offerings to 179. HKEX planned to diversify its product offerings and enhancing its position in the global market.
“We look forward to continue working closely with our stakeholders with a view to launching more products to our international marketplace,” stated Roberts.
The post Hong Kong Launches Asia’s First Spot Bitcoin and Ethereum ETFs appeared first on Cryptonews.
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Hong Kong Launches Asia’s First Spot Bitcoin and Ethereum ETFs
The Hong Kong Stock Exchange today announced the launch of new spot Bitcoin and Ethereum exchange-traded funds (ETFs).
According to an official announcement by Hong Kong Exchanges and Clearing Limited (HKEX), the Bitcoin and Ethereum ETFs were welcomed on Tuesday, April 30, marking the introduction of the first spot virtual asset (VA) ETFs in Asia.
Expanding Virtual Asset Investment Choices
The announcement stated that Investor interest in virtual asset ETFs has significantly increased since the launch of VA Futures ETFs in late 2022.
By the first quarter of 2024, the combined average daily turnover for the three VA Futures ETFs listed in Hong Kong surged to $51.3 million from $8.9 million the previous year. These ETFs also attracted $529 million in net inflows during the same period.
The range of exchange-traded products (ETPs) on the Hong Kong Stock Exchange continued to grow, with ETFs and Leveraged and Inverse Products (L&I Products) among the fastest-expanding segments.
“The introduction of Spot VA ETFs in Hong Kong is the latest exciting addition to HKEX’s diverse and vibrant ETP ecosystem, providing investors with access to a new asset class,” said HKEX Head of Equities Product Development Brian Roberts.
“Following the success of VA Futures ETFs, the listing of Asia’s first spot VA ETFs will further enhance the product diversity and liquidity of the Hong Kong ETP market,” said Roberts.
Bitcoin and Ethereum ETF Competition in Hong Kong
China Asset Management Co. (China AMC), Harvest Global Investments, and Bosera International and HashKey Capital are the issuers of the spot Bitcoin and Ethereum ETFs. They could lead a new round of ETF competition according to a previous report.
In 2023 and the first quarter of 2024, HKEX introduced 16 new ETFs, increasing the total offerings to 179. HKEX planned to diversify its product offerings and enhancing its position in the global market.
“We look forward to continue working closely with our stakeholders with a view to launching more products to our international marketplace,” stated Roberts.
The post Hong Kong Launches Asia’s First Spot Bitcoin and Ethereum ETFs appeared first on Cryptonews.
Read More