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Venture Smart Financial Holdings Ltd (VSFG) plans to file for a spot bitcoin ETF (exchange-traded fund) in Hong Kong. bitcoin–btc-etf-launch-in-first-quarter” target=”_blank” rel=”noopener”>Bloomberg reported.
The financial services company plans to launch this product in the first quarter of this year, although it has yet to file an application with the Securities and Futures Commission (SFC), the outlet reported.
Hong Kong wants to be Asia's crypto center
Late last year, the SFC said it was ready to start accepting applications for spot crypto ETFs amid plans to carve out a niche as Asia's crypto hub. He also shared a circular on the requirements necessary for the company to obtain approval for such products.
VSFG executive Brian Chan believes the local spot crypto ETF market has huge potential. As such, the firm plans to reach $500 million in assets under management by the end of this year.
VSFG is approved by the SFC as a virtual asset manager, increasing the chances that the ETF application will gain quick approval.
According to Bloomberg, four other asset managers are also interested in listing spot crypto ETFs in Hong Kong.
Big Hit for Spot bitcoin ETF Products in the US
The recently launched btc spot ETFs in the US have been a huge success. bitcoin is now the second largest ETF product in the US by assets under management (AUM).
bitcoin spot ETFs currently hold 647,285 btc worth over $27 billion. By comparison, the US funds holding silver have an AUM of $11.5B. Gold ETFs have the highest AUM, over $96 billion.
LATEST bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF Holdings Tracking Schedule
1.) $IR posted the update, showing 4,923 $btc buy yesterday
2.) Highlighted in orange = ETF data not yet released
3.) Hoarding of new ETFs $GBTC outputs$IR $FBTC $ARKB $BITB $BRRR $BTCO $HODL $EZBC $BTCW $DEFI $GBTC pic.twitter.com/MPRksZKUty
— CC15Capital (@Capital15C) January 17, 2024
bitcoin spot ETFs recorded a 34% increase in volumes on the fifth day of trading to surpass $1 billion in net flows.
This is interesting, the Newborn Nine actually saw a 34% increase in volume today compared to yesterday. Typically, with a hyped release, you see the volume steadily decrease each day after the release, but it's rare to see it go back up. All but one also saw a jump, but GBTC was stable, so it wasn't a volatility… pic.twitter.com/f6xOsLRWjr
– Eric Balchunas (@EricBalchunas) January 18, 2024
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