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Two asset managers in Hong Kong have jointly filed for a spot Bitcoin exchange-traded fund (ETF) with the Securities and Futures Commission (SFC). The move comes at a time when the regulator is gearing-up to approve ‘in-kind’ BTC spot ETFs in Q2 2024.
Asset managers VSFG and Value Partners announced last week that they have together applied for a spot Bitcoin ETF. Both the entities aim to secure first-mover advantages by launching the investment vehicle to both retail and institutional investors.
“Leveraging Value Partners’ extensive knowledge and track record in managing ETFs as well as VSFG’s profound experience, we are well-equipped to offer our clients with more investment options, particularly in virtual assets, helping them capture market opportunities and navigate this dynamic and evolving space,” says Value Partners CEO June Wong.
VSFG is the first virtual asset manager in Hong Kong to launch its first regulated Bitcoin fund in June 2020.
In January, Chinese asset manager Harvest Global Investments applied with Hong Kong’s Securities and Futures Commission (SFC) to launch a Bitcoin spot ETF, alongside Hong Kong-based firm Venture Smart Financial Holdings.
Hong Kong’s Spot Bitcoin ETF Race
Hong Kong is closely behind the US in approving Bitcoin spot ETFs for public trading. In December 2023, the city-state’s regulators SFC and HKMA said that they are ready to consider applications for crypto ETFs.
Yat Siu, chairman of web3 investor Animoca Brands, said the SFC is open to widening access to digital assets. Siu claimed that a spot Bitcoin ETF would be ‘uncontroversial.’
Early this year, COO of HashKey Group, Livio Weng, revealed that about 10 fund companies are gearing-up to launch a crypto spot ETF in Hong Kong.
Chinese asset management giant Harvest Fund Management’s Hong Kong subsidiary applied for a spot Bitcoin ETF on Jan. 26. The application was reportedly the first submission of its kind in the country.