Bitcoin and Ethereum Prices Surge After Hong Kong Securities Regulator Approves Spot BTC and ETH ETFs

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On April 15, 2024, according to Nikkei Asia’s report, Hong Kong became the first Asian city to acknowledge Bitcoin and Ethereum as standard investment tools by granting approval for the first spot Bitcoin and Ethereum exchange-traded funds (ETFs). The Bosera Asset Management and China Asset Management branches in Hong Kong revealed they had obtained the necessary authorization from the Securities and Futures Commission (SFC) to launch these ETFs.

China Asset Management (Hong Kong) plays a significant role in Hong Kong’s asset management industry. Founded in 2008 as an international offshoot of China Asset Management, one of China’s largest fund firms, it was among the pioneers in expanding Chinese asset management businesses overseas. By the end of 2023, its parent company had managed assets totaling over $266 billion. Over the past 16 years, this company has developed a strong research team for investments that caters to various financial products and solutions. Their portfolio encompasses long-term equity and bond funds, hedge funds, ETFs, leveraged and inverse products, and individually managed accounts.

China Asset Management (Hong Kong) announced that they have gained SFC’s approval to launch ETFs investing in Bitcoin and Ethereum spots. They have collaborated with OSL Digital Securities Co., Ltd., a prominent player in the virtual asset sector, and BOC International Prudential Trusteeship Ltd., a leading custodian, to explore and implement this venture.

Currently, Bitcoin is priced at approximately $66,509 (a 2.7% increase), while Ethereum is around $3,244 (a 5.0% rise).

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2024-04-15 10:53