Three Bitcoin ETFs in the spot Hong Kong Since launching in early this year, we have managed assets worth more than HK$2 Billion (approximately $272 Million).
NEW: ðŸ‡ðŸ‡° Hong Kong #Bitcoin ETFs now manage assets worth over HK$2 billion.
China prepares for the future🙌 pic.twitter.com/GQZC1Z5UFC
— Bitcoin Magazine (@BitcoinMagazine) August 26, 2024
Just a few short months later, we reach a new milestone. Hong Kong approved It is the first country to offer bitcoin ETFs after similar initiatives in Europe and America. ETFs give investors exposure to Bitcoin’s price without having to own Bitcoin directly.
While volume has been lower than U.S. Bitcoin Exchange Traded Funds, Assets Under Management have consistently risen. It is clear that institutional demand for Bitcoin products regulated in Asia has increased.
ChinaAMC Bitcoin ETF has the biggest market capitalization of any Bitcoin ETF. Hong Kong Bitcoin ETFsThe Bitcoin ETF from Bosera Hashkey has net assets of over $142,000,000. Bosera Hahkey’s Bitcoin Exchange Traded Fund (ETF) is released next Harvest Bitcoin ETF, with an estimated $31 million worth of holdings, is the second largest ETF in Hong Kong with approximately $99 millions. The combined total Bitcoin holdings of the Hong Kong ETFs is approximately 4,450 BTC or $272 Million at current prices.
Observers in the industry believe that innovations like ETFs’ redemption method can attract more capital with time. Hong Kong’s products are able to redeem in kind using Bitcoin, unlike U.S.-only ETFs.
This growth is indicative of increasing Bitcoin adoption in Asia by institutional investors. The current interest in Hong Kong spot Bitcoin ETFs could become a major regional source of Bitcoin demand if it continues.
There are plans to expand the service in other Asian countries such as Singapore and Malaysia. spot Bitcoin ETFs. It could help integrate Bitcoin into mainstream finance on the entire continent.
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Source: bitcoinmagazine.com