Hong Kong-Based Asset Manager VSFG and Value Partners Apply for Spot Bitcoin ETF
Asset manager VSFG and its partner, Value Partners, have applied for a spot-bitcoin exchange-traded fund (ETF) with Hong Kong’s Securities and Futures Commission (SFC). This follows a Bloomberg Intelligence report suggesting the SFC will likely allow in-kind creations and redemptions for spot bitcoin ETFs in Q2 2021. In December 2023, Hong Kong regulators announced their readiness to consider applications for spot crypto ETFs, shortly after the approval of several such ETFs in the U.S. Harvest Global Investments, a major Chinese asset-management company, was reportedly the first to apply for a spot bitcoin ETF with the SFC. Up to 10 financial institutions are planning to apply to launch bitcoin ETFs in Hong Kong. Venture Smart Financial Holdings also plans to file a spot bitcoin ETF application. This is part of Hong Kong regulators' efforts to become a global hub for the crypto sector.
