Hong Kong's Securities and Futures Commission (SFC) is set to approve spot ETFs that invest directly in Bitcoin and Ethereum as of Monday, according to sources familiar with the matter.
The international arm of Chinese asset manager Harvest Fund Management Co. and Bosera Asset Management (International) Co. and HashKey Capital are among the issuers expected to gain approval for both types of spot-to-crypto ETFs. The sources requested anonymity because the information is not yet public.
Both companies are pending approval from the SFC and Hong Kong Exchanges & Clearing Ltd. With finalizing listing details, it plans to launch the ETFs by the end of the month. The timetable is not fixed and may be subject to last minute changes.
The expected approvals follow news earlier this week that Harvest was preparing to seek permission to launch a spot-Bitcoin ETF in the region. On April 9, the SFC granted permission to Harvest and China Asset Management to provide fund management services related to virtual assets.
The launch of spot Bitcoin ETFs in the US on January 11 has sparked a revival in crypto markets this year. The 11 ETFs have amassed nearly $59 billion in assets so far, pushing the BTC price to a record high of $73,798 in mid-March.
*This is not investment advice.