Cryptocurrency

Hong Kong will launch ETFs for Bitcoin and Ethereum on April 30

Share

Hong Kong is scheduled to introduce its first spot Ethereum and Bitcoin exchange-traded funds (ETFs) on April 30 after receiving approval from the Securities and Futures Commission (SFC).

To attract both retail and institutional investors, these exchange-traded funds (ETFs), which are managed by Bosera-HashKey Capital and China Asset Management (ChinaAMC), will offer a regulated investment channel for cryptocurrencies.

An approach not currently employed in the US, the ETFs’ in-kind creation model will enable the direct exchange of cryptocurrency for ETF shares.

Hong Kong’s decision to launch these ETFs is a calculated attempt to maintain its position as a global leader in digital assets and to take advantage of the growing interest in cryptocurrency investments.

It comes after spot Bitcoin ETFs were approved and introduced in the United States, the largest economy in the world, setting off a record-breaking price surge for cryptocurrencies.

Since the ETFs were introduced in the United States in January, the price of bitcoin has risen to a new all-time high of US$73,737.

At 1:30 PM ET, it was trading at US$65,044, down 2.5% for the day. Ethereum is down 1.4% at $3,182 US, based on data from CoinGecko.

Raeesa Sayyad
Published by
Raeesa Sayyad

Recent Posts

Top 15 Daily Marketing Strategies for Retail Stores to Market Your Brand

Retail includes hundreds of product markets and thousands of businesses competing for a transaction. How… Read More

30 mins ago

Tips for Writing Compelling Messages to Drive Action

Creating engaging messages that drive action has never been more important in a society where… Read More

2 hours ago

How Market Research Can Benefit Small Businesses

Market research isn't just for the major players. We have some tips for how small… Read More

4 hours ago

Steps to Establish Your Business Credit for Any New Small Business

Getting business credit is an essential step for any new small business. It allows you… Read More

18 hours ago

7 Essential Investment Success Tips Every Investor Should Know: How to Beat the Market

Investing is essential if you want to build wealth and achieve long-term goals such as… Read More

2 days ago

9 Things You Need to Do Right Away If You Want to Start Your Own Business in 2025

Many Americans fantasize about leaving the rat race of office jobs and starting their own… Read More

2 days ago