CDS Crypto News VSFG in Hong Kong Aims to Launch Spot Bitcoin ETF in the First Quarter of 2024
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VSFG in Hong Kong Aims to Launch Spot Bitcoin ETF in the First Quarter of 2024

At least 10 asset managers in Hong Kong are actively engaged in efforts to introduce a spot Bitcoin exchange-traded fund (ETF), aligning with the growing momentum for Bitcoin ETFs in the United States.

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VSFG in Hong Kong Aims to Launch Spot Bitcoin ETF in the First Quarter of 2024

Hong Kong is edging closer to the potential launch of a spot Bitcoin exchange-traded fund (ETF), as a local firm gears up to introduce such a fund in the coming months.

VSFG in Hong Kong Aims to Launch Spot Bitcoin ETF in the First Quarter of 2024

Venture Smart Financial Holdings (VSFG), a Hong Kong-based financial services firm, reportedly aims to roll out an ETF directly investing in Bitcoin in the first quarter of 2024, as per Bloomberg. Brian Chan, VSFG’s group head of investment and product, expressed optimism, stating, ‘It’s a market that has huge potential.’ The firm sets an ambitious target of reaching $500 million in assets under management by the end of the year. VSFG is actively working on submitting an application to the Hong Kong Securities and Futures Commission (SFC) to initiate a spot Bitcoin ETF. This development follows the SFC’s announcement in December 2023, officially declaring its readiness to accept spot Bitcoin ETF applications from authorized and licensed institutions in Hong Kong.

Q1 2024 Targeted for the Introduction of Spot Bitcoin ETF by Hong Kong’s VSFG

Local reports suggest that around 10 fund managers are in preparation to launch cryptocurrency-based ETFs in Hong Kong. RJ Ke, a researcher at Ethereum scaling startup Taiko, anticipates an acceleration in Bitcoin ETF applications in Hong Kong in the upcoming months, particularly after the successful launch of spot Bitcoin ETFs in the United States on January 11. Some companies that have already offered futures-based crypto ETFs in Hong Kong may also enter the fray for spot Bitcoin ETF filings. Samsung Asset Management, which introduced the Samsung Bitcoin Futures ETF in 2023, mentioned its openness to exploring the launch of a spot ETF.

Cointelegraph reached out to VSFG for comments on its plans to launch a spot Bitcoin ETF in Q1 2024 but had not received a response as of the time of publication.

BlackRock Surpasses Robinhood in Dominance Among Spot Bitcoin ETFs

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