Harvest Hong Kong, a major Chinese investment provider, applied for a Bitcoin spot ETF to the Hong Kong Securities and Futures Commission. Hong Kong’s Securities and Futures Commission has made progress in its exploration of digital currencies. Tencent News “First Line” has exclusive knowledge that Harvest Fund Hong Kong Company has applied for a Bitcoin spot ETF. This is the first Hong Kong institution to seek Bitcoin spot ETF approval.

Harvest Hong Kong Accelerates Bitcoin ETF Progress Following U.S. SEC Approval

In response to questions, Harvest Fund has decided not to comment. The Hong Kong Securities and Futures Commission may be simplifying the authorization process for the first Hong Kong Bitcoin spot ETF, according to reputable sources. The goal is to float it on the Hong Kong Stock Exchange before the Spring Festival.

Just two weeks after the SEC approved the first U.S. Bitcoin spot ETFs on January 11, this happened. The Hong Kong Securities and Futures Commission appears to be accelerating its progress in this area after US permission.

The newest data shows 27 Bitcoin spot ETFs in the US, with Grayscale Bitcoin Trust’s GBTC being the largest at US$20.2 billion. With SEC clearance, GBTC became a Bitcoin spot ETF from a closed-end fund. It reached $30 billion but shrank due to Bitcoin volatility. Industry leaders include BlackRock’s US$1.8 billion IBIT, Proshare’s US$1.78 billion BITO, and Fidelity Fund’s US$1.6 billion FBTC.

Hong Kong Family Offices Reassess as Spot ETFs Spark Interest

Tencent News “First Line” reports that the Hong Kong Securities and Futures Commission may approve many firms simultaneously, similar to the US. Harvest Fund is the sole institution that has applied, while others, including CSOP, have just contacted regulatory authorities.

If the Hong Kong Securities and Futures Commission approves numerous institutions at once, the conclusion may resemble the U.S. market, say financial analysts. BlackRock and Fidelity Fund, larger companies, have rapidly grown their spot ETFs. Due to their large investment base and efficient customer acquisition,

Hong Kong family office investor managers are re-considering spot ETFs. They are excited because they were previously afraid to directly participate in the Bitcoin market due to its difficulties. They acknowledge that Hong Kong and the US may have different spot ETF subscription sizes.