Bitcoin and Ethereum ETFs Officially Approved in Hong Kong

by

The Hong Kong Securities and Futures Commission has given its approval for multiple applications to launch Bitcoin and Ethereum spot exchange-traded funds (ETFs).

Some issuers, including HashKey, Bosera Capital, and China Asset Management, received approval from the regulatory body.

According to CoinGecko’s latest report, Ethereum has experienced a price increase of over 5% within the last 24 hours, while Bitcoin has seen a nearly 3% rise.

Last week, according to Bloomberg’s report, the approval process for those products was anticipated to be completed in Hong Kong on April 15th.

What about the US? 

In January, several Bitcoin exchange-traded funds (ETFs) that allow investors to buy shares linked to the price of Bitcoin were given the green light in the US. Among these approvals, BlackRock’s Bitcoin ETF became a remarkable achievement, gathering an astounding $10 billion in assets within just two months after its launch.

According to U.Today’s report, BlackRock’s IBIT has quickly outpaced the iShares MSCI Japan ETF (EWJ) in terms of growth.

Despite the fact that BlackRock and other large firms applied to create Ethereum spot ETFs last year, the SEC in the US has yet to give its approval for these types of financial products.

Politicians have strongly opposed the potential approval of ETFs based on cryptocurrencies besides Ethereum. Additionally, reports suggest that the Securities and Exchange Commission (SEC) intends to categorize Ethereum as an investment security.

Recently, Robert Mitchnick, who leads the digital assets team at BlackRock, expressed that the appetite for Ethereum is relatively low compared to their prioritization of Bitcoin.

If the largest altcoin is classified as a security, it doesn’t automatically rule out the introduction of a spot ETF, Larry Fink, CEO of BlackRock, explained.

Read More

2024-04-15 10:31