Bitcoin and Ethereum ETFs Officially Approved in Hong Kong

Mon, 04/15/2024 - 06:57
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The Hong Kong Securities and Futures Commission has officially approved several spot Bitcoin and Ethereum exchange-traded fund (ETF) applications.  

HashKey, Bosera Capital, and China Asset Management were among the issuers who got the regulator's nod. 

The price of Ethereum is up more than 5% over the past 24 hours, according to CoinGecko data. Bitcoin is up nearly 3%.  

Last week, Bloomberg reported that the products were expected to be greenlit in Hong Kong on Apr. 15. 

What about the US? 

In January, multiple spot Bitcoin ETFs were approved in the US. BlackRock's product ended up being a record-shattering success story, attracting $10 billion worth of assets in less than two months. 

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As reported by U.Today, BlackRock's IBIT has now managed to surpass such veterans as iShares MSCI Japan ETF (EWJ) in virtually no time. 

Even though BlackRock and other major names have also filed to launch spot Ethereum ETFs last year, the U.S. Securities and Exchange Commission is so far reluctant to approve such products.  

There has been significant political backlash aimed at preventing the future approval of ETFs linked to other cryptocurrencies. Moreover, the SEC is reportedly working to classify Ethereum as a security. 

Last month, Robert Mitchnick, head of digital assets at BlackRock, said that there was little demand for Ethereum while Bitcoin remains their main focus. 

However, the largest altcoin being recognized as a security wouldn't necessarily prevent the launch of a spot ETF, according to BlackRock boss Larry Fink.