Hong Kong Eyes First Bitcoin ETF as Harvest Files Application

• Harvest Fund Management Submits First Spot Bitcoin ETF Application in Hong Kong
• Hong Kong Welcomes Its First Spot Bitcoin ETF Application
• Regulator Ready to Accept Applications
• Increasing Interest in Launching Similar Investment Products

Harvest Fund Management Submits First Spot Bitcoin ETF Application in Hong Kong

In a potentially historic development, Harvest Fund Management has lodged the inaugural application in Hong Kong for a spot Bitcoin$42,260 -0.64% ETF. This news comes from a recent report by Tencent, stating that the application was submitted to the local regulator, the Securities and Futures Commission (SFC). Harvest anticipates launching the first ETF of this kind after the Lunar New Year Holiday, which occurs post-February 10th.

Hong Kong Welcomes Its First Spot Bitcoin ETF Application

The crypto landscape in the United States transformed drastically at the commencement of 2024, with the US Securities and Exchange Commission (SEC) sanctioning the establishment of 11 Spot Bitcoin ETFs. Despite not entirely fulfilling expectations, this move marks a significant progression in the digital asset industry.

Now, in a parallel series of events, Harvest Fund Management has initiated the process in Hong Kong by filing the first spot Bitcoin ETF application. A subsequent report anticipates the Chinese asset management firm's approval and launch to occur early this year.

Regulator Ready to Accept Applications

While the SFC has declared its readiness to accept applications, neither it nor Harvest Fund have issued any statement regarding the recently reported ETF filing. However, HashKey COO Livio Weng recently shared his views on the Spot Bitcoin ETF prospects in the city.

Increasing Interest in Launching Similar Investment Products

Weng noted that approximately 10 fund companies are interested in launching the investment product in the city. Additionally, Venture Smart Financial Holdings, based in Hong Kong, is reportedly planning to introduce a Spot Bitcoin ETF, with an expectation to launch their version in the first quarter.

Edited by Jonathan Stoker