Key Points
- Hong Kong subsidiaries of Harvest Fund and Southern Fund have applied to offer spot Bitcoin ETFs.
- These applications follow the Hong Kong authorities’ decision to accept applications for crypto-based ETFs.
The Hong Kong branches of Harvest Fund and Southern Fund, two Chinese asset management firms, have applied to introduce spot Bitcoin exchange-traded funds (ETFs).
Applications Amid Cryptocurrency Restrictions
Both firms manage assets exceeding $200 billion and submitted their applications on Monday. This information was reported by Securities Times, a state-owned media outlet. Mainland China’s strict limitations on cryptocurrency trading and mining prevent these asset managers from offering ETFs there.
Previous Attempts and Future Prospects
Earlier this year, Harvest Fund’s Hong Kong branch had already applied for a spot Bitcoin ETF. Crypto investors have been waiting for the introduction of spot Bitcoin ETFs in the Hong Kong market for several months. In 2022, the Hong Kong Monetary Authority and the Securities and Futures Commission announced they were open to accepting applications for crypto-based ETFs. If approved, these funds would provide Hong Kong investors with a way to invest in Bitcoin. Last year, the Hong Kong business arm of Harvest Fund Management launched a futures crypto ETF.
