Wednesday, 28 February 2024
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Harvest Fund files for spot bitcoin ETF in Hong Kong: report

Harvest Fund files for spot bitcoin ETF in Hong Kong: report

  • Harvest Hong Kong is the first institution in Hong Kong to file for a spot Bitcoin ETF.
  • A local news outlet suggests the Hong Kong Financial Services Commission (FSC) could announce a decision in coming weeks.
  • The US recently approved 11 ETFs, including for BlackRock, Fidelity and Grayscale.

Harvest Hong Kong, one of the largest fund companies in China, has filed for a spot Bitcoin exchange-traded-fund (ETF).

A Tencent News report says that the company filed the ETF application with the Hong Kong Securities and Futures Commission (FSC) on January 26, 2024. Harvest Fund is the first institution to submit a proposal to list a spot Bitcoin ETF in Hong Kong, the news outlet noted.

According to the report, the regulator could release its decision on the ETF after the Lunar New Year holiday. However, market experts say the SFC could take a cue from the US Securities and Exchange Commission (SEC) and look to approve several ETFs at a go.

Institutions eye spot ETFs

Early this month, the SEC approved 11 spot Bitcoin ETFs, with the nod coming after a decade of market anticipation. The SEC’s court loss to Grayscale paved the way for the eventual approvals, including for BlackRock, Fidelity Investments and Bitwise.

Analysts have noted a decent performance for the ETFs amid massive outflows for Grayscale’s GBTC.

As Hong Kong reportedly looks to allow its first spot Bitcoin ETF, the outlook contrasts with South Korea. In the aftermath of the SEC decision, South Korea’s Financial Services Commission (FSC) warned financial institutions and brokerages regarding the trading of spot ETFs.

However, the country’s top office looked to intervene, asking the FSC to reconsider its stance on the issuance of spot Bitcoin ETFs in the country.

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