Key Points
- Hong Kong could approve Bitcoin and Ethereum ETFs as soon as Monday, according to Bloomberg.
- Bitcoin ETFs could trigger an inflow of up to $25 billion.
According to the latest reports coming from Bloomberg, it seems that Hong Kong could approve Bitcoin and Ethereum ETFs as soon as Monday, April 15.
Citing people familiar with the matter, Bloomberg notes that an international arm of Chinese asset manager Harvest Fund Management Co., and a partnership between Bosera Asset Management (International) Co. and HashKey Capital are some of the issuers who are expected to get the green light for both types of spot ETFs.
It’s also been reported that both firms are planning to launch the ETFs sometime at the end of this month, once they receive the green light from the Securities and Futures Commission and following the finalization of listing details with the Hong Kong Exchanges & Clearing Ltd.
Major Chinese asset managers expect Hong Kong to approve spot-crypto exchange-traded funds for both Bitcoin and Ether as soon as Monday https://t.co/GnnWwxX3Nf
— Bloomberg (@business) April 12, 2024
BTC and ETH ETFs approval could come on Monday
The approval of both Bitcoin and Ethereum ETFs could reportedly come as soon as Monday, although the timeline is not 100% certain, as modifications could still appear.
The expected approval would come after hype started to form about the subject of potential Bitcoin ETFs approval in Hong Kong in the past few days.
The expectation was triggered by an announcement from a couple of days ago, when it was revealed that the Securities and Futures Commission (SFC) updated the list of virtual asset management funds on April 10.
This was the move that anticipated the announcement of the first batch of Bitcoin ETFs.
As Hong Kong is one of the most important financial centers in the world, such a decision regarding the approval of Bitcoin and Ethereum ETFs would be great for the entire crypto industry worldwide.
Earlier today, it was also reported that we might be looking at up to $25 billion in investments via the crypto-related products, according to the crypto services provider Matrixport.
Hong Kong’s decision could come about three months after the US SEC approved the Bitcoin ETFs in the country, leading to a major frenzy in the crypto industry and continuous impressive inflows for the products.
Regarding the digital assets’ prices, at the moment of writing this article, BTC is still trading above $70k, while ETH continues to remain above $3,500 on CoinMarketCap.
