"A major moment in Hong Kong's financial history" has arrived! Tan Weimin, chief economist of China Asset Management (Hong Kong) Co., Ltd., made comments on Hong Kong's spot Bitcoin and Ethereum ETFs that went viral on the Internet.
On April 24, China Asset Management (Hong Kong) announced that China Asset Management's Bitcoin ETF and China Asset Management's Ethereum ETF have been approved by the Securities and Futures Commission (SFC) of Hong Kong. They are scheduled to be issued on April 29, 2024 and listed on the Hong Kong Stock Exchange on April 30, 2024. The relevant products are China Asset Management's Bitcoin ETF (03042.HK) and China Asset Management's Ethereum ETF (03046.HK).
Zhu Haokang, head of digital asset management and family wealth management at China Asset Management (Hong Kong), said: "The launch of the Asian Spot Bitcoin and Ethereum ETFs provides retail and institutional investors with an excellent tool for allocating digital assets in a safe, efficient and convenient way. As cryptocurrency ETFs become increasingly popular in the institutional and retail markets in Hong Kong, we expect such products to be warmly welcomed by the market."
It should be pointed out that although the relevant ETFs were first issued by a Hong Kong company under a Chinese public fund, mainland Chinese investors are not yet allowed to participate in the trading. At the same time, Hong Kong's spot Bitcoin and Ethereum ETFs have an important difference from the US ETFs: physical subscription and physical redemption are allowed. This means that customers can buy or sell ETF shares with the relevant cryptocurrency instead of using US dollars.
