Hong Kong's VSFG Gears Up to Launch Bitcoin Spot ETF in Early 2024
Summary:
Venture Smart Financial Holdings (VSFG), a Hong Kong-based financial services firm, plans to launch a Bitcoin (BTC) spot exchange-traded fund (ETF) in early 2024. The move comes in the wake of the Securities and Futures Commission in Hong Kong confirming their readiness to accept spot Bitcoin ETF applications. The company aims to have $500 million in assets under its management by the year's end. Other fund managers and companies are also preparing for similar ETF launches following successful launches in the United States. However, VSFG has yet to openly comment on this intended move.
The possibility of launching a Bitcoin (BTC) spot exchange-traded fund (ETF) in Hong Kong is drawing nearer as a local firm is apparently set to initiate such a fund in the imminent months. Venture Smart Financial Holdings (VSFG), a financial services company rooted in Hong Kong, is predicted to introduce an ETF that invests directly in Bitcoin during the early months of 2024, as per a Bloomberg report. Brian Chan, the group head of investment and product in VSFG, remarked that this prospective market has significant potential, with the company on course to amass $500 million assets under management by the closure of this year. Presently, efforts are underway by the firm to submit an application to the Securities and Futures Commission (SFC) in Hong Kong for the commencement of a spot Bitcoin ETF. This announcement follows closely on the heels of an official statement by the SFC in December 2023 indicating their readiness to review spot Bitcoin ETF applications from authorized and licensed institutions in Hong Kong. Available reports suggest that a minimum of 10 fund managers are strategizing to launch crypto-based ETFs in Hong Kong. RJ Ke, a researcher affiliated with Ethereum scaling startup Taiko, allegedly made a statement about the expected acceleration of Bitcoin ETF applications in Hong Kong in the ensuing months, post the successful launch of spot Bitcoin ETFs in the United States on January 11. There are companies which have already launched futures-based crypto ETFs in Hong Kong and may be among the spot Bitcoin ETF filers. For instance, Samsung Asset Management, which launched the Samsung Bitcoin Futures ETF in 2023, supposedly maintained that the exploration of a potential launch of a spot ETF is still under consideration. However, as of the time of the report, Cointelegraph had not received any comment from VSFG regarding its plans to launch a spot Bitcoin ETF in the fourth quarter of 2024.
Published At
1/19/2024 4:46:50 PM
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