The successful launch of multiple Bitcoin spot ETFs in the United States has motivated China’s financial giant Harvest Global to apply with Hong Kong’s regulators to roll out a similar product.
Harvest Global Investments, one of China’s largest fund companies, has officially applied with Hong Kong’s Securities and Futures Commission (SFC) to offer a Bitcoin spot exchange-traded fund (ETF).
It is worth noting that Harvest submitted the application on January 26, hoping to become the first company to launch a Bitcoin spot ETF in Hong Kong.
Multiple Bitcoin ETF Approval in U.S. Motivates Other Markets
The development follows a significant inflow of capital into the Bitcoin spot ETFs approved in the United States two weeks ago. With the U.S. SEC approving 11 Bitcoin spot ETFs, top financial players from other markets, including China, are also exploring similar opportunities.
Notably, Harvest is one of many asset managers planning to launch a Bitcoin ETF in Hong Kong. Another Hong Kong-based firm, Venture Smart Financial Holdings, disclosed earlier this month that it is planning to file a Bitcoin spot ETF application with the SFC, according to a Bloomberg report.
Venture Smart is confident that its application will be approved, as it hopes the product will begin trading in Q1 2024.
It is worth mentioning that Bitcoin spot ETFs have continued to record impressive records in the United States. During a recent interview with Yahoo Finance, Rachel Aguirre, the head of iShares product at BlackRock U.S., said the company’s Bitcoin fund (IBIT) has performed incredibly well, surpassing over $3.5 billion in trading volume.
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Her comment suggests that Bitcoin spot ETFs received a favorable reception in the U.S., with other markets considering replicating the same feat.
Sources Say SFC Could Speed Up Approval
In the meantime, the SFC did not respond to a request for comment. However, sources familiar with the matter said the regulator could speed up the approval of the Bitcoin spot products.
Additionally, the sources said the SFC could adopt a similar approach taken by the U.S. SEC, which saw multiple applications for a similar product approved at once.
In November, SFC’s chief executive officer said the securities regulator is open to considering crypto-related spot ETF applications.
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