Priya Patel
TLDR:
Hong Kong-based financial services firm Venture Smart Financial Holdings Limited (VSFG) is planning to launch a spot bitcoin exchange-traded fund (ETF) in the first quarter of 2024, with a target of $500 million in assets under management by the end of the year. The company, which claims to be Hong Kong’s first approved virtual asset manager, has yet to file an ETF application with the Securities and Futures Commission (SFC). Hong Kong published spot bitcoin ETF requirements for licensed firms in December.
Key Points:
- Hong Kong finance firm VSFG aims to launch spot bitcoin ETF in Q1 2024
- The company targets $500 million in assets under management by year-end
- VSFG has not yet filed an ETF application with the SFC
- Hong Kong published spot bitcoin ETF requirements for licensed firms in December
- Three crypto futures ETFs are already listed in Hong Kong
Hong Kong-based financial services firm VSFG is planning to launch a spot bitcoin exchange-traded fund (ETF) within the first quarter of 2024. The company aims to have $500 million in assets under management by the end of the year. VSFG, which claims to be Hong Kong’s first approved virtual asset manager, has not yet filed an ETF application with the Securities and Futures Commission (SFC), the city’s financial regulator.
In December, the SFC announced the requirements for launching spot crypto ETFs for licensed firms. Hong Kong introduced its crypto licensing regime for trading platforms in June 2023 in an effort to regain its position as Asia’s crypto hub. Currently, there are three crypto futures ETFs listed in Hong Kong: Samsung Bitcoin Futures, CSOP Bitcoin Futures, and CSOP Ether Futures.
Following the approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) on January 10, the U.S. spot bitcoin ETFs have seen over $13 billion in cumulative trading volume. However, the price of bitcoin has slipped since the approval, trading around $41,250 as of publication time.
VSFG has not provided any further comments on its spot bitcoin ETF plans.
