Hong Kong is reportedly nearing a significant milestone on the cryptocurrency market, with indications suggesting the imminent approval of spot exchange-traded funds directly investing in Bitcoin (BTC) and Ethereum (ETH). Bloomberg's sources have suggested that regulatory approval could be granted as soon as Monday.
Among the anticipated issuers are the international arm of Chinese asset manager Harvest Fund Management and a partnership between Bosera Asset Management and HashKey Capital. These entities intend to launch spot Bitcoin and Ethereum ETFs pending approval from the SFC and finalizing listing details with Hong Kong Exchange.
The potential approval of crypto-oriented ETFs in Hong Kong mirrors recent developments in the United States, where the introduction of spot Bitcoin solutions earlier this year has garnered significant attention and market activity.
When Ethereum ETF in US?
Interestingly however, while Bitcoin ETFs have been approved in the US, solutions for Ethereum are still very much a question there. In Hong Kong, however, neither of these instruments is available yet, but if rumors become facts, both solutions will be presented on this market at once.
The situation with Ethereum ETFs in America is in an unclear state. It is known that the deadline for the SEC to make a decision on the applications is set for May 23. However, not only does the regulator not comment on the whole situation, but it also initiates investigations against the Ethereum Foundation - a key nonprofit organization associated with the altcoin.
In the absence of specifics, the discussion field is full of the opinions and assessments of various experts from the banking sector. If we gather some consensus from them, the picture for Ethereum ETFs on the U.S. market does not look favorable so far.
Godfrey Benjamin
Tomiwabold Olajide
