Home » Hong Kong sees first spot Bitcoin ETF utility

Hong Kong sees first spot Bitcoin ETF utility

by CoinVeem

Harvest World has submitted an utility for a spot Bitcoin exchange-traded fund (ETF) to the Hong Kong Securities and Futures Fee (SFC), Tencent Information reported

A spot Bitcoin ETF, if authorized, would enable traders to commerce shares of the fund on a conventional inventory change, with the shares straight linked to the precise worth of Bitcoin, the world’s largest cryptocurrency by market capitalization. This ETF would supply a regulated funding automobile for each retail and institutional traders, probably attracting a brand new wave of members to the crypto market.

The transfer by funding administration agency Harvest World comes at a time when Hong Kong is positioning itself as a extra crypto-friendly jurisdiction. 

The appliance was filed amid rising curiosity in cryptocurrency funding merchandise that provide publicity to digital property with out the necessity for traders to carry the property straight. 

Within the U.S., the Securities and Change Fee authorized 11 spot Bitcoin ETF purposes earlier this month, permitting the funds to start out buying and selling for the primary time on the planet’s largest financial system. 

BlackRock, the world’s largest asset supervisor, grew to become the primary of the 11 Bitcoin ETFs to cross US$2 billion in property beneath administration for the reason that funds launched.

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