Source: Wall Street News
It is expected to be officially listed and traded at the end of April.
On April 24, Harvest International announced that the Hong Kong Securities and Futures Commission has officially approved Harvest Bitcoin Spot ETF and Harvest Ether Spot ETF. It is expected that the two products will be officially listed and traded at the end of April.
On the same day, Huaxia Fund (Hong Kong) announced that the Huaxia Bitcoin ETF and Huaxia Ether ETF have been approved by the Hong Kong Securities and Futures Commission (SFC) and are scheduled to be issued on April 29, 2024, and listed on the Hong Kong Stock Exchange on April 30, 2024.
This is the first time this type of product has been launched in the Asian market and aims to provide return on investment (before fees and expenses) closely match the spot prices of Bitcoin and Ether.
Zhu Haokang, head of digital asset management and family wealth management at Huaxia Fund (Hong Kong), said, “The issuance of Asian spot Bitcoin and Ethereum ETFs provides retail and institutional investors with an excellent tool to allocate digital assets safely, efficiently, and easily.
Compared to physical cryptocurrencies, spot cryptocurrency ETFs in Hong Kong are recognized by regulators, listed on traditional exchanges, managed by professional fund companies, regulated cooperative cryptocurrency exchanges, etc., and the world's first physical redemption mechanism are expected to attract crypto asset investors who convert physical cryptocurrencies into ETF products.
According to Harvest International, in the face of the challenges faced by ETFs based on Bitcoin futures on the CME exchange in the existing market, Harvest Bitcoin Spot ETF and Harvest Ether Spot ETF passed Bank of China International UK Prudential Trust Limited and OSL Digital Securities Limited, the first digital asset platform licensed by the Hong Kong Securities Regulatory Commission, effectively solving problems such as excessive margin requirements, price premiums and rollover losses due to lack of bears, so as to more accurately reflect the real-time value of Bitcoin and Ether.
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