Tiger Brokers Expands Crypto Trading Services and ETFs for Hong Kong Investors
Summary:
Nasdaq-listed Tiger Brokers has unveiled cryptocurrency support on its Tiger Trade app, offering professional investors in Hong Kong access to 18 cryptocurrencies alongside global assets such as stocks and bonds. To deliver this service, Tiger Brokers partnered with HashKey Exchange, focusing initially on high-net-worth individuals and entities. The company plans to expand its trading services to retail investors and include cryptocurrency spot withdrawals and deposits, pending regulatory compliance. The platform also offers Bitcoin and Ether exchange-traded funds (ETF), providing alternative cryptocurrency exposure.
As Tiger Brokers, a company listed on Nasdaq, continues to usher in more opportunities for cryptocurrency trading in Hong Kong, the firm has recently launched cryptocurrency support via its Tiger Trade app. This exciting development makes 18 cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), accessible to professional investors, in addition to stocks, options, futures, U.S. Treasury bonds, and numerous global assets. The collaboration with HashKey Exchange enables Tiger Brokers to provide cryptocurrency trading access to professional investors, specifically targeting individuals in Hong Kong with portfolios exceeding 8 million Hong Kong dollars ($1 million) and corporates with an asset base over 40 million Hong Kong dollars ($5 million). The company has future plans to extend these trading services to average retail investors, pending regulatory approval. They are also exploring the possibility of offering cryptocurrency spot withdrawals and deposits.
In addition to cryptocurrency trading, investors can also take advantage of Bitcoin spot exchange-traded funds (ETFs) available on the platform. This includes U.S.-listed Bitcoin ETFs and newly introduced spot Bitcoin and Ether ETFs in Hong Kong. These ETFs offer a different approach for investors to gain exposure, following various levels of success after their initial launch in the U.S. and Hong Kong.
The Hong Kong markets saw the arrival of ETFs on April 30, yet the opening day trading volumes of $12 million were rather modest compared to U.S. spot Bitcoin ETFs' trading volume of $4.6 billion in January 2024.
However, Hong Kong’s Bitcoin and Ether ETFs managed to attract over $200 million in total assets on their premier day. Data from Arkham Intelligence exhibits that the Bosera HashKey spot Bitcoin and Ether ETFs have managed to accumulate $71.94 million in assets under management, equivalent to 964 Bitcoin. Meanwhile, ChinaAMC’s spot Bitcoin and Ether ETFs accumulated $123.61 million in assets on April 30, as revealed by Eric Balchunas, senior ETF analyst at Bloomberg.
There has been speculation regarding potential access to these Bitcoin and Ether ETFs in mainland China, as per Asian industry experts. As suggested by SyzCapital managing partner and BTC investor Richard Byworth, these crypto ETFs based in Hong Kong could potentially be linked with the Shenzhen-Hong Kong Stock Connect – a cross-border infrastructure that connects both regions' stock exchanges and facilitates trading of shares between them.
Published At
5/6/2024 3:31:33 PM
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