Hong Kong Could Approve Bitcoin and Ether ETFs Next Week

Bitcoin ETFs are headed to Asia after their successful U.S. debut, although the territory is likely to approve Ethereum ETFs as well.

By: Pedro Solimano Loading...

image depicting Bitcoin ETFs in Hong Kong

Regulators in Hong Kong are gearing up to approve spot Bitcoin and Ethereum ETFs in the territory, reports Bloomberg.

Sources familiar with the matter say that a subsidiary of Chinese firm Harvest Fund Management Company will likely be the first approved, along with Bosera Asset Management and HashKey Capital.

Harvest reportedly holds $210 billion in assets under management (AUM), whereas Bosera holds $10 billion in AUM, and HashKey surpasses the $1 billion mark.

U.S. Bitcoin ETFs Shatter Records

While uncertainty mounts in the United States for a spot Ethereum ETF, the spot Bitcoin ETFs have been a smash hit.

According to Bloomberg analyst Eric Balchunas, BlackRock’s IBIT fund is up 50% and has taken in $15 billion in cash since they went live on Jan. 15, a number that doubles every one of their 421 ETFs currently on offer.

“That is about as hot as the iron gets,” said Balchunas.

The other nine Bitcoin ETFs are also in an accumulation spree, sucking up 4.26% of the total 21 million BTC supply.

Grayscale’s GBTC has been the only dampener, witnessing over $16 billion of outflows.