Following the U.S., Hong Kong is also expected to launch a Bitcoin Exchange Traded Fund (ETF) soon. If it does indeed launch, it is expected to be a boon for the virtual asset industry.
According to industry sources on the 22nd, Hong Kong-based asset management company Venture Smart Financial Holdings plans to launch a Bitcoin ETF in the first quarter. The company is planning to submit an ETF listing application to the Hong Kong Securities and Futures Commission (SFC) in this month if early.
Once listed, it will be the first Bitcoin ETF in Asia. Venture Smart Financial is aiming to expand the asset value of the Bitcoin ETF to $500 million by the end of this year.
The Hong Kong authorities are also positive about the launch of the Bitcoin ETF. The SFC and the Hong Kong Monetary Authority (HKMA) have previously stated that they are “ready to accept applications for approval of other funds exposed to virtual assets, including Bitcoin ETFs” in a joint statement last December.
The U.S. Securities and Exchange Commission (SEC) approved the exchange listing and trading of the Bitcoin ETF on the 10th. Following this decision, 11 Bitcoin ETFs began trading on the 11th. Products from BlackRock, Fidelity Investments, Ark Invest, Invesco, WisdomTree, Bitwise Asset Management, Valkyrie, and Grayscale Investments are among those currently being traded.
In the first three days of the trading, about $1.9 billion flowed into the Bitcoin ETF. BlackRock and Fidelity were particularly notable. Bloomberg reported on the 17th that BlackRock’s inflow exceeded $1 billion for the first time.
By. Sung Hwan Hong
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