According to Cointelegraph: As the Bitcoin exchange-traded fund (ETF) wave continues in the United States, Hong Kong is preparing for a potential launch of its own spot Bitcoin ETF. Local financial services firm, Venture Smart Financial Holdings (VSFG), anticipates initiating an ETF that directly invests in Bitcoin in the first quarter of 2024, according to a report by Bloomberg.
VSFG’s group head of investment and product, Brian Chan, sees a market with huge potential and aims for the firm to manage assets worth $500 million by the end of the year. Currently, the Hong Kong-based firm is in the process of applying to the city's Securities and Futures Commission (SFC) for approval to start a spot Bitcoin ETF. This news follows the SFC's announcement in December 2023 that it was ready to accept spot Bitcoin ETF applications from authorized and licensed institutions.
Local reports have suggested that at least 10 fund managers are planning to launch crypto-based ETFs in Hong Kong. Following the successful inauguration of spot Bitcoin ETFs in the U.S on January 11, RJ Ke, a researcher with the Ethereum scaling start-up Taiko, expects Hong Kong to expedite Bitcoin ETF applications. Samsung Asset Management, which introduced the Samsung Bitcoin Futures ETF in 2023, has reportedly stated that the company is considering the possibility of launching a spot ETF.
Upon reaching out to VSFG for comment regarding its Q4 2024 spot Bitcoin ETF launch plans, there has been no response at the time of publication.
