Venture Smart Financial Holdings Ltd., a financial services company in Hong Kong, recently took an important step towards a exchange-traded fund (ETF) in sight of Bitcoin. VSFG submitted its application for a Bitcoin ETF, highlighting that it intends to launch the product in May, according to information do The Block.
According to the publication, Brian Chan, head of VSFG's investment and products group, highlighted that the company plans to launch a spot Bitcoin ETF in May “if all goes well”.
“But we are also keeping June in mind just to be safe,” Chan said. “It is difficult to set an exact date with regulatory processes, but we are in active discussions with the SFC. We started working with initial feedback and are working together.”
It is worth remembering that, in January, Venture Smart Financial Holdings Limited, based in Hong Kong, revealed its plans to launch spot bitcoin-based exchange-traded fund (ETF). The company planned to launch its Bitcoin ETF in the first quarter of this year. Within the published planning was a target of US$500 million in assets under management that was established by the end of 2024.
Ethereum ETFs 2024: Hong Kong Determined to Beat US to Launch
Hong Kong appears to be positioning itself as an innovative leader, aiming to surpass the United States in launch of Ethereum (ETH) Exchange Traded Funds (ETF). According to information released by Sing Tao Daily, industry sources revealed that the preparation of spot ETH ETFs is in full swing in the region. This movement highlights the growing acceptance of cryptocurrencies as a legitimate financial asset in several global markets.
Livio Weng, chief operating officer of HashKey Group, a digital asset financial services company, shared his view on the market with Sing Tao Daily, stating that “the Ethereum spot ETF is currently the most anticipated product by global crypto investors.” . This statement underlines investors’ growing anticipation and interest around this new asset class.
