The cryptocurrency ETFs were issued by three Chinese firms — China Asset Management, Bosera Asset Management, and Harvest Global Investments — on the Hong Kong exchange.
In January, the U.S. Securities and Exchange Commission approved changes to allow the creation of bitcoin ETFs in the U.S., but has yet to approve an ether ETF.Hong Kong on Tuesday launched six spot bitcoin and ether exchange traded funds — becoming the first in Asia to offer retail investors the ability to trade the cryptocurrencies at spot prices.
Spot bitcoin ETFs by ChinaAMC, Bosera HashKey and Harvest were above 3% higher in early trading, but subsequently gave up some gains to trade by about 1.5% higher. The three ether ETFs were trading above 1% in the morning, but fell into negative territory by the late afternoon.Crypto ETFs allow investors to gain exposure to the price movement of the underlying assets without having to own the asset directly.
"The market potential is double the size of that of our U.S. counterparts," Tongli Han, chief executive officer of Harvest Global Investments told CNBC.The question remains on how fast demand for such products will grow in the region.HKEX said the combined average daily turnover for the three VA Futures ETFs listed on the exchange reached 51.3 million Hong Kong dollars during the first quarter of 2024, up from HK$8.9 million a year earlier.
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