News - Hong Kong ETFs celebrate stock market debut

By Ted Maas

Hong Kong ETFs celebrate stock market debut

Bitcoin (BTC)
Ethereum (ETH)

The time has come. The Bitcoin and Ethereum Spot ETFs are celebrating their stock market debut in Hong Kong. This is according to an announcement by Hong Kong Exchanges and Clearing Limited (HKEX). We've listed some information for you.

The ETFs were authorized just over two weeks ago. After months of waiting, the Securities and Futures Commission (SFC) gave the green light to applications from several providers. As in the U.S., these are also spot products. This means that asset managers must buy and hold the underlying assets (in this case Bitcoin and Ethereum).

However, experts doubt the index funds will have a similar impact on the market as their U.S. counterparts. When it comes to ETFs for Ethereum spot, Hong Kong is ahead of the US. In New York, major asset managers such as BlackRock and Fidelity are also trying to launch an index fund on Ethereum.

However, the admission and start of trading are special because China's Special Administrative Region is clearly distancing itself from Beijing's restrictive stance on cryptocurrencies. Until now, Chinese investors have been barred from trading. Providers are now campaigning for mainland residents.

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