Asia's first spot bitcoin, ether ETFs start trading in Hong Kong / Photo: DALE DE LA REY - AFP
-
Authorities to identify Montauk Mary and five other Long Island cold-case victims
-
Davante Adams injury deepens Los Angeles Rams receiver shortage
-
Barbie sequel negotiations stall over reported $25 million pay packages
-
João Franco’s earlier post draws attention after arrest over fatal Turkey brawl
-
Bath & Body Works launches buy-one-get-one-free candle offer
-
Alberta Launches $5M Fund for Women’s Neurology Research to Address Gender Gaps
-
Itlu Arjuna receives U/A certificate ahead of theatrical release
-
Dhananjaya de Silva guides Sri Lanka to 221-4 against Pakistan
-
Niraj Kumar earns Los Angeles Olympic quota with 50m rifle bronze
-
Delhi gold loses Rs 800 while silver falls Rs 5,000
-
India extends micro-credit guarantee plan for five years
-
Madlanga Commission Deadline Extended to 2027 Amid Calls for Structural Justice Reform
-
Pradeep Antony, Smeha Manimegalai portray secret spouses in Mr & Mrs Office
-
Zelenskyy arrives in Dublin for meetings on Ukraine and peace efforts
-
Woman barred from every Greggs outlet after series of offences
-
Jury hears social-media image helped identify teen in Scarlett Faulkner case
-
Ketchup packets link suspect to break-in at Eddie Rocket’s restaurant
-
American Airlines passenger falls ill and vomits on three travellers
-
US Inflation Broadens as Fed Officials Consider Faster Rate Hikes
-
Spain's General Strike Links Housing Crisis to Lost Purchasing Power
-
Euro-Area Inflation Reaches 4% as Energy Prices Jump
-
China's Factory Inflation Accelerates While Consumer Demand Stays Weak
-
US Adds 165,000 Jobs as Unemployment Falls to 4.1%
-
Bank of England Raises Interest Rate to 4% as Energy Risks Intensify
-
Energy Costs Push OECD Inflation Up to 4.5%
-
OPEC Says Oil Output Is Near Prewar Levels Despite Shipping Disruptions
-
China's Trade Surplus Passes $1 Trillion as Technology Exports Surge
-
China's Singles' Day Exposes Persistent Consumer Caution
-
Irish police prepare for further hoax bomb threats after hundreds of schools targeted
-
RBA Inflation Target Origins: Why Australia Chose a Range Over Zero
-
Korea, Singapore and New Zealand Advance Green Trade Pact Talks
-
Ireland and Ukraine consider drone cooperation memorandum after Dublin talks
-
Sister recounts fatal machete attack as Irish murder trial continues
-
Georgia refrigeration company sues EPA after five-year HFC reprieve
-
HoloCoder technology promises brighter smartphone images and 3D depth data
-
EU proposes broad consumer safeguards for apps, subscriptions and ticketing
-
Early Black Friday Walking Pad Deals: Urevo and WalkingPad Discounts
-
Nvidia faces scrutiny over alleged Chinese intelligence link to Jensen Huang
-
Radical Numerics develops offline AI tool to detect engineered pathogens
-
Chennai orders inquiry after dogs die at shelter; two veterinarians face action
-
Kiara Advani Reveals Sidharth Malhotra’s Reaction to Toxic Backlash
-
Startup turns Chennai’s history and culture into an interactive world
-
Four firms compete to design Chennai’s model mobility corridors
-
PodcastOne (NASDAQ:PODC) Reports Record 1H & Q2 Fiscal 2027 Financial Results; 1H Fiscal 2027 Revenue of $31.5M and Adjusted EBITDA* of $2.9M
-
Tires Easy Introduces Monthly Tire Price Index to Track U.S. Replacement Tire Prices
-
Ondas Posts Record Q3 2026 Revenue of $167.5 Million on Strong Bookings and Backlog Growth; Raises Full-Year Outlook
-
Medical Care Technologies Inc. (OTCID:MDCE) Delivers 270% Net Income Surge in Q3 as Profitability Accelerates
-
Ainos Secures Largest Order in Company History: $9 Million ASE Agreement for 5,000 Additional AI Nose Systems
-
NextTrip Advances Cruise Strategy, Connecting JOURNY TV Programming and Digital Booking Tools with Personalized Travel Advisor Support
-
SMX Targets Global Recycling Challenges With AI-Powered Material Intelligence Platform
Asia's first spot bitcoin, ether ETFs start trading in Hong Kong
Hong Kong on Tuesday launched trading of Asia's first spot bitcoin and ether exchange-traded funds (ETFs), moving forward in the city's race to become a regional virtual asset investment hub.
The debut comes three months after the United States gave the greenlight to ETFs pegged to bitcoin's spot price, making it easier for mainstream investors to add the unit to their portfolio.
Hong Kong's pioneering crypto ETFs on the city's bourse include six funds issued by three managers -- Bosera Funds, China Asset Management (Hong Kong) Limited and Harvest Global Investments.
Each company issued a spot bitcoin and a spot ether ETF, which can be traded in both Hong Kong and US dollars, while ChinaAMC (HK) also allowed trading in Chinese yuan.
In the first 30 minutes of trading on Tuesday, the new ETFs all recorded a price rise of between 0.62 percent and 3.81 percent.
CCData, a digital assets analysis firm, said Friday that the new funds were "predicted to not attract the same level of inflows as those in" the United States.
But "industry experts believe they might encourage other nations to approve cryptocurrency ETFs and could help promote the wider adoption of digital assets", it said.
Hong Kong also allows investors to carry out in-kind creation and redemption through eligible dealers. That means bitcoin and ether -- instead of official currencies like the US dollar -- can be used to invest in the ETFs.
Han Tongli, CEO of Harvest Global, said having in-kind trading in Hong Kong was an "obvious advantage over the United States".
"I believe we are not rivalling against our peers in Hong Kong but the large fund management companies in the US," Han said, according to Hong Kong-based news outlet Techub News.
"We are competing with them on behalf of Hong Kong, we are defending and developing Hong Kong's status as an international financial hub."
Han added that Hong Kong could also be a sandbox for China to test virtual asset trading -- which remains banned in the mainland.
In the United States, demand for bitcoin ETFs has slowed after a strong start early February, according to data from Farside Investors.
Hong Kong has been trying to edge ahead as a regional digital asset hub.
Last December, the city's regulatory Securities and Futures Commission said it was ready to allow retail investors to buy funds that are 100 percent invested in some of the digital assets, triggering the first wave of applications from fund managers.
P.Mathewson--AMWN