Trading on the spot bitcoin ETF launched by Bosera Capital and HashKey Capital on the Hong Kong Stock Exchange will start on April 30. Bloomberg writes about this with reference to representatives of the companies.
On April 15, the Hong Kong Securities and Futures Commission approved applications from Boshi International, HashKey Capital, China Asset Management and Harvest Investment to launch spot bitcoin and Ethereum ETFs.
According to the forecasts of the agency's analyst Rebecca Sin, within two years, the inflow of funds into this category of products could reach $ 1 billion.
"There is no BlackRock effect in Hong Kong to rely on. Expectations of demand for ETFs should match the scale of the city's financial sector," commented Roger Lee, co—founder of One Satoshi.
Currently, exchange-traded funds based on digital gold futures CSOP Bitcoin Futures, CSOP Ether Futures and Samsung Bitcoin Futures have been listed in Hong Kong. Their total assets amount to ~$175 million. For comparison, the indicator of the ProShares Bitcoin Strategy ETF registered in the United States is $2.5 billion.
The dominance of North America in the structure of crypto-ETFs. Data: Bloomberg.The agency reported that, unlike BTC-ETFs approved in the United States, their competitors in Hong Kong will have a subscription and repayment mechanism in kind. This allows you to exchange the underlying assets for shares of exchange-traded funds and vice versa, while the American counterparts operate on a cash repayment model.
According to Evgeny Gayev, co-founder of Wintermute, such an approach is "especially attractive for cryptocurrencies, market makers and platforms," as it allows to increase efficiency and expand arbitrage opportunities.
The interviewed experts doubted that investors from mainland China would have access to BTC-ETC in Hong Kong.
Bloomberg analyst Eric Balchunas said that cryptocurrency ETFs listed in Hong Kong will be "lucky" if they manage to raise $500 million in total. The expert called Matrixport's projected $25 billion "madness."
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