At least 10 asset managers have been working to launch a spot Bitcoin ETF in Hong Kong amid Bitcoin ETF push in the United States.
Hong Kong is inching closer to a potential launch of a spot Bitcoin (BTC) exchange-traded fund (ETF), with one local firm reportedly planning to launch such a fund in the coming months.
Venture Smart Financial Holdings (VSFG), a Hong Kong-based financial services firm, expects to launch an ETF investing directly in Bitcoin in the first quarter of 2024, according to a report by Bloomberg.
“It’s a market that has huge potential,” VSFG’s group head of investment and product, Brian Chan, said, adding that the firm aims to reach $500 million in assets under management by the end of this year. The firm is now reportedly working to apply with Hong Kong’s Securities and Futures Commission (SFC) to start a spot Bitcoin ETF.
