The Hong Kong Securities and Futures Commission has approved the first three applicants for spot Bitcoin and Ether ETFs.
Hong Kong’s securities regulator reportedly approved the in-kind creation model for Bitcoin and Ether ETFs, as opposed to the cash-created in the United States.
At least three offshore Chinese asset managers, including Hong Kong units of Harvest Fund Management, Bosera Asset Management and China Asset Management, will launch their spot Bitcoin and Ether ETFs soon. Issued in partnership with Hong Kong-based HashKey Capital, Bosera’s Bitcoin and Ether ETFs will be launched as in-kind ETFs, meaning that new ETF shares can be issued using BTC and ETH., which allows issuers to create new ETF shares only with cash. Spot Bitcoin ETFs currently use the cash-create model in the United States as local securities regulators opted for this redemption method.
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