The Hong Kong Securities and Futures Commission (SFC) could approve the first batch of spot Bitcoin Exchange-Traded Funds (ETFs) as soon as April 15.
New reports suggest that the SFC is actively considering the launch of the first batch of spot BTC ETFs as it updated its list of virtual asset management funds earlier today.
The commission plans to approve four spot Bitcoin ETFs for the first stage. This includes funds from China Asset Management, Bosera Funds, Value Partners Financial, and Harvest International.
Meanwhile, as of press time, only China Asset Management and Harvest International are included in the commission’s list. As such, the approval status of Bosera Funds and Value Partners remains uncertain.
Following the eventual approval by April 15, the Hong Kong Stock Exchange market listing is expected to take two weeks. However, the previous planning and communication between the issuers and the stock exchange will reduce the timeline to 10 days. Hence, the products are expected to be listed on the stock exchange from April 25 forward.
Notably, the likely approval comes about three months after the commission began receiving applications. The ETFs, when launched, are expected to bring new investments to Hong Kong and the region as a whole. The approval will also make Hong Kong the first country to allow spot Bitcoin ETF trading in its region.
Additionally, the incoming approval comes in the wake of the recent success of the spot Bitcoin ETFs in the United States. According to BitMEX Research, the US ETFs have seen about $12bn worth of net inflow from approximately $58bn in total assets. The current figure represents a massive surge from their launch on Jan. 11.
Since the launch of the ETFs in the US, Bitcoin has surged from about $46,000 to as high as $73,000 before returning to just below $69,000 as of press time.
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Author: Oluwapelumi Adejumo
