By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Hong Kong ETF Issuers Anticipate $300 Million First-Day Inflows: Bloomberg
Share
Notification Show More
Latest News
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Crypto > Hong Kong ETF Issuers Anticipate $300 Million First-Day Inflows: Bloomberg
Crypto

Hong Kong ETF Issuers Anticipate $300 Million First-Day Inflows: Bloomberg

News Room
Last updated: 2024/04/30 at 8:23 AM
News Room
Share
4 Min Read
SHARE

Last updated:

April 30, 2024 03:41 EDT

| 2 min read

Issuers are expecting approximately $300 million in combined first-day inflows for the six new Hong Kong spot-crypto ETFs, with a preference for Bitcoin funds.

Hong Kong has launched its first batch of ETFs focused on cryptocurrencies, marking potential competition for the popular Bitcoin products in the United States. 

Harvest Global Investments Ltd., the local unit of China Asset Management, along with a partnership between HashKey Capital Ltd. and Bosera Asset Management (International) Co., listed Bitcoin and Ether ETFs in the city on Tuesday. 

Hong Kong ETFs Could See $300M in First-Day Inflows


In the US, spot Bitcoin ETFs from issuers like BlackRock Inc. and Fidelity Investments were launched in January, accumulating a historic $52 billion in assets so far. 

Bloomberg Intelligence’s Rebecca Sin estimates that Bitcoin and Ether funds in Hong Kong could amass around $1 billion over the next two years.

However, Han Tongli, the CEO of Harvest Global, believes that the estimate is too conservative. 

He argues that financial products and services in Hong Kong are accepted by investors both in the West and the East, whereas the US primarily caters to the former. 

As a result, issuers are expecting approximately $300 million in combined first-day inflows for the six new Hong Kong spot-crypto ETFs, with a preference for Bitcoin funds.

OFFICIAL: SPOT #BITCOIN ETFS COMMENCE TRADING IN HONG KONG 🇭🇰 pic.twitter.com/yI8HsqRECf

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

Potential sources for these inflows include Chinese wealth parked in the city, as well as active crypto exchanges and market makers in the Asia Pacific region. 

While crypto trading is banned in mainland China, the new funds fall outside the scope of the program that grants Chinese investors access to some Hong Kong ETFs, which raises the question of whether the program could be expanded in the future.

The adoption of an in-kind ETF subscription and redemption mechanism sets Hong Kong apart. 

It allows for the underlying assets to be exchanged for fund units and vice versa, unlike the cash redemption model used by US Bitcoin funds. 

Han believes this in-kind approach enhances the appeal of Hong Kong’s products and could result in the eventual uptake of the ETFs being three times larger than that of the US funds.

Hong Kong’s Smaller Financial Sector Could Impact Demand


Meanwhile, some caution that expected demand must be adjusted considering Hong Kong’s smaller financial sector. 

While the city already permits crypto-futures-based ETFs, their total assets of around $164 million are a fraction of the $2.3 billion held by the ProShares Bitcoin Strategy ETF, which is a derivatives-based product in the US.

Despite potential challenges, Hong Kong’s local products are appealing due to easy access, particularly during Asian trading hours. 

Bosera Asset Management (International)’s Head of Products, Ethan Li, expressed confidence in the appeal of the Hong Kong ETFs and mentioned the company’s plans to expand its team and digital-asset product pipeline. 

While digital assets have experienced a significant rebound since the market collapse in 2022, the recent revival has stalled. 

Bitcoin’s price sits at around $63,540, approximately $10,000 below its record high in March. 



Read the full article here

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room April 30, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Australian Dollar extends downward correction after weaker Retail Sales
Next Article Abu Dhabi’s first driverless cars race for $2.25 million prize pot, witness nail-biting finish – News
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports June 10, 2025
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE May 27, 2025
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle May 23, 2025
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World May 22, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
BusinessCrypto

Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

February 1, 2025
BusinessCrypto

Bitget Leverages AI Algorithms for Token Listing with the Launch of Bitget Seed

January 27, 2025
BusinessCrypto

Bitget to List Official TRUMP Meme Token for Spot Trading

January 23, 2025
BusinessCrypto

Bitget LaunchX to Support Jambo’s $5 Million Fundraising for Satellite Launch Program

January 18, 2025
BusinessCrypto

Bitget Unveils Over $5 Billion Worth of BGB Token Burn in New Whitepaper

December 28, 2024
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?