Hong Kong’s first spot bitcoin ETFs To Be Approved In April

Harvest Global is about to introduce the first spot-Bitcoin exchange fund in Hong Kong, which will be a big step forward for the development of the city’s cryptocurrency market, according to Bloomberg.

Key Takeaway:

  • Harvest Global Investments is planning to launch the first spot-Bitcoin exchange-traded fund (ETF) in Hong Kong; the company may receive permission this month. 
  • This move aligns with Hong Kong’s objective of competing with Singapore and Dubai to become a leading hub for digital assets. 
  • Given that the value of Bitcoin has increased fourfold since the beginning of 2023, spot-crypto ETFs may have global assets exceeding $100 billion.

The Crypto ETF Milestone in Hong Kong

Harvest Global Investments Ltd., the global division of Chinese asset management Harvest Fund Management Co., is about to get Hong Kong approval to introduce a spot-Bitcoin exchange-traded fund (ETF). This development is part of a two-step procedure, the first of which was finished when Harvest Global Investments was given licence by the Securities & Futures Commission (SFC) to offer fund management services connected to virtual assets. With this action, Hong Kong hopes to reestablish itself as a major financial hub and join Singapore and Dubai in the competition to become a premier digital asset centre.

Opportunities and Difficulties in Regulation

The anticipation of spot-crypto ETFs in Hong Kong comes at a time when Bitcoin funds in the US have seen remarkable success, amassing about $58 billion in assets since their inception in January. This surge in interest has significantly contributed to Bitcoin’s price reaching a record high of $73,798 in mid-March. Bloomberg Intelligence ETF analyst Rebecca Sin suggests that the launch of spot-Bitcoin funds in Hong Kong could be imminent, bolstered by Bitcoin’s impressive performance, which has seen a fourfold increase since the start of 2023. The city currently hosts futures-based crypto ETFs, but the potential introduction of spot ETFs could significantly enhance its market offerings.

“The launch of spot-Bitcoin funds in Hong Kong could be imminent… Bitcoin’s bull run —the token is up fourfold since the start of 2023—is a tailwind for net flows, and global Bitcoin ETF assets could soon hit $100 billion.” Rebecca Sin, Bloomberg Intelligence (Bullish on global Bitcoin ETF assets)

The Fintech Superpowers of China Step Up

Leading Chinese funds, including the Hong Kong subsidiary of Harvest Fund and China Southern Fund, have filed with the Hong Kong Securities Regulatory Commission for spot Bitcoin ETFs. This move is indicative of a broader trend among public funds to differentiate themselves in the competitive Hong Kong stock market by tapping into the burgeoning Bitcoin market. The involvement of these major players, managing assets worth hundreds of billions underscores the growing ecosystem for virtual asset investments in Hong Kong. The Securities Times report highlights the potential for spot Bitcoin ETFs to attract new investors and further solidify Hong Kong’s position as a global crypto hub.


Founded in 2008 in Hong Kong, Harvest Global Investments Limited (HGI) maintains offices in New York. HGI offers investors worldwide exceptional returns from Asian and Chinese markets in the innovation-driven Pacific Century by fusing an extremely seasoned multinational workforce with local knowledge and insights.

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