Hong Kong Spot Bitcoin and Ethereum ETFs Begin Trading, Issuers Expect Big Day

Spot Bitcoin and the first Spot Ethereum ETFs were launched at 09:30 local time in Hong Kong. According to the HKEX website, the first Asian spot ETFs for crypto assets are now trading with 14 new funds listed.

Three ETF issuers have listed products. China Asset Management, Bosera Asset Management, and Harvest Global Investments under the ticker symbols CAM, BOS, and HGI.

Asia Leads

– The first step will be to monitor how the latest launches develop and mature before looking at other opportunities in the future – said Brian Roberts, head of equity product development at Hong Kong Exchanges and Clearing.

ETF issuers are confident that the products will be a big hit in the region. The head of digital asset management at China Asset Management, Zhu Haokang, believes that the launch day in Hong Kong will surpass that of the U.S.

– I am very confident that the initial listing of virtual asset ETFs in Hong Kong (over $125 million) can exceed the first-day issuance benchmark in the United States – said Haokang at a press conference on April 29.

– Judging by the numbers, transactions are indeed far larger than the capital inflow of the U.S. Bitcoin spot ETF on its first trading day – commented Wayne Huang, head of the OSL ETF custodian company, on the first day of fundraising.

Crypto analyst Willy Woo pointed out that the Asian market has a larger number of users than the combined U.S. and European markets.

Meanwhile, PointVille founder Gabor Gurbacs stated that the Bitcoin ETF competition is heating up between the West and the East, and that Hong Kong would not launch crypto ETFs without approval from China.

– This is the first time we will get a clear insight into how popular Ethereum is compared to Bitcoin in ETF format – said ETF analyst Eric Balchunas.