Key Takeaways
- Hong Kong has approved two spot crypto exchange-traded funds (ETF) based on Bitcoin and Ethereum, marking its entry into the crypto ETFs market.
- The Hong Kong Securities and Futures Commission (SFC) has granted approval for spot Bitcoin and Ethereum ETFs, with several fund managers, including China Asset Management and Harvest Fund, receiving either full or conditional approval.
- The SFC’s decision coincides with Bitcoin’s upcoming fourth halving, expected around April 20th.
According to WatchGuru’s post on X, on Tuesday, April 15th, Hong Kong granted approval for its inaugural spot Bitcoin and Ethereum exchange-traded fund (ETF).
This approval comes after the US became the first major market to launch spot Bitcoin ETFs on January 10th, which has already attracted significant investment of around $12 billion.
Hong Kong Enters The Crypto ETF Markets
Hong Kong is taking action to avoid falling behind the success of spot Bitcoin ETFs in the United States. China’s Special Administrative Region (SAR) has surpassed its Western counterparts by greenlighting two spot crypto ETFs centered on Bitcoin (BTC) and Ethereum (ETH).
SFC’s Approval On Spot Bitcoin And Ether ETFs
Following approval by the Hong Kong Securities and Futures Commission (SFC), the Hong Kong unit of Bosera Asset Management and China Asset Management confirmed plans to launch their respective ETFs.
Furthermore, another major Chinese fund manager, Harvest Fund, also confirmed achieving the same milestone.
Bitcoin Halving In Five Days
The significant ruling by the SFC arrives at a particularly advantageous moment, coinciding with Bitcoin’s fourth halving expected around April 20th. This event is predetermined to halve Bitcoin mining rewards, reducing them from the current 6.25 BTC per block to 3.125 BTC post-halving.
Analysts believe this event will catalyze further price surges in Bitcoin and Ethereum, pushing Bitcoin beyond $100K and Ethereum above $4K by the end of this year.
