Hong Kong Could Approve Spot Bitcoin, Ether ETFs as Early as Monday: Bloomberg

If the Hong Kong Exchanges & Clearing (HKEX) finalizes the necessary details on schedule, the products may become available by the end of this month, according to the report.

Harvest Global Investments, a prominent asset management firm based in China and believed to be the initial applicant for a bitcoin exchange-traded fund (ETF), could be the first to receive approval. This proposed ETF is a collaboration between Bosera Asset Management (International) Co. and HashKey Capital.

The approval timeline isn’t fixed and remains subject to last-minute changes, the people said.

The green light given by Hong Kong for Exchange-Traded Fund (ETF) cryptocurrencies is considered a significant development in the market and may position Hong Kong as the foremost digital asset center in Asia.

Read more: Hong Kong-Listed Bitcoin ETFs Could Unlock Up to $25B in Demand, Crypto Firm Says

In January, the United States gave its approval for bitcoin ETFs, resulting in a new all-time high for bitcoin at around $73,000. However, an ETF based on ether has not been authorized by the U.S. authorities yet.

In fact, expectations are muted for the U.S. to approve spot-ether ETF products.

The Securities and Futures Commission (SFC) in Hong Kong, which oversees the markets, chose not to provide a statement on the matter.

These companies – Harvest Global Investments, Bosera Asset Management, Hashkey, and HKEX – did not provide comments to CoinDesk upon receiving our inquiries sent outside of regular business hours on a Friday.

UPDATE (April 12, 2024, 12:35:00 UTC): Adds details throughout.