The issuance of Hong Kong Bitcoin ETF and Ethereum ETF has attracted much attention because they support physical subscription (i.e. subscription with Bitcoin) and cash subscription. Currently, three companies, Huaxia, Harvest and Bosera Fund, have issued such ETF products.
Unlike the US stock Bitcoin spot ETF, Hong Kong's Bitcoin ETF supports subscription with Bitcoin, which means that arbitrage operations can be carried out on and off the market, which may become one of the biggest uses of Hong Kong Bitcoin ETF.
The conditions and difficulty of physical subscription are still unknown. However, it is reasonable to speculate that physical subscription may face some restrictions and conditions to ensure the security and compliance of transactions. This may involve procedures such as KYC (know your customer) and AML (anti-money laundering), as well as meeting certain subscription thresholds and requirements.
Although physical subscription may be difficult, this move undoubtedly provides investors with more options and flexibility. For investors who want to directly participate in the Bitcoin and Ethereum markets, such ETF products will be a convenient way to invest. Therefore, the Bitcoin and Ethereum ETFs issued by Hong Kong are not as useless as some people imagine, but have opened up a new channel for financial investment, which has aroused market interest and attention.
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