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Hong Kong is set to greenlight next week the first round of applications for spot bitcoin (BTC-USD) exchange-traded funds, according to a media report dated Wednesday.
Such products, which allow institutional and retail traders to gain exposure to bitcoin (BTC-USD) without having to invest directly in the underlying asset, went live early this year in the U.S. The funds gained immense popularity in the wake of strong and persistent inflows, helping the price of bitcoin reach a fresh record high of $73.8K in March. And, in Europe, the first spot BTC ETF started trading in August 2023.
At least four entities have submitted applications to roll out spot bitcoin (BTC-USD) ETFs in Hong Kong, Reuters reported, citing two people familiar with the matter. Three of the applicants include the Hong Kong units of China Asset Management, Harvest Fund Management and Bosera Asset Management.
In Wednesday midafternoon trading, bitcoin (BTC-USD) edged up 0.5% to $69.3K.
Read More: Spot bitcoin ETFs could make their way to Hong Kong in April – report