The Hong Kong Stock Exchange made a significant announcement today, revealing the launch of new spot Bitcoin and Ethereum exchange-traded funds (ETFs). This development, as confirmed by Hong Kong Exchanges and Clearing Limited (HKEX), showcases the debut of the initial spot virtual asset (VA) ETFs in Asia on Tuesday, April 30.
Increasing Investor Interest
Investor enthusiasm for virtual asset ETFs has seen a remarkable growth since the inception of VA Futures ETFs toward the end of 2022. In the first quarter of 2024, the collective average daily trading volume for the three VA Futures ETFs listed in Hong Kong skyrocketed from $8.9 million in the previous year to an impressive $51.3 million. They also garnered $529 million in net inflows during the same period.
The array of exchange-traded products (ETPs) available on the Hong Kong Stock Exchange has been expanding continuously, with ETFs and Leveraged and Inverse Products (L&I Products) emerging as the fastest-growing categories.
“The introduction of Spot VA ETFs in Hong Kong is the latest exciting addition to HKEX’s diverse and vibrant ETP ecosystem, providing investors with access to a new asset class,”
– Brian Roberts, HKEX Head of Equities Product Development
- China Asset Management Co. (China AMC), Harvest Global Investments, and Bosera International and HashKey Capital are the issuers of the spot Bitcoin and Ethereum ETFs. They are positioned to lead a fresh wave of ETF competition, as per a previous report.
- In 2023 and the first quarter of 2024, HKEX introduced 16 new ETFs, expanding the total offerings to 179. The exchange is focused on diversifying its product range and bolstering its standing in the global market.
“We look forward to continue working closely with our stakeholders with a view to launching more products to our international marketplace,”
– Brian Roberts, HKEX Head of Equities Product Development
