Hong Kong ETF Issuers Anticipate $300 Million First-Day Inflows: Bloomberg
Issuers are expecting approximately $300 million in combined first-day inflows for the six new Hong Kong spot-crypto ETFs, with a preference for Bitcoin funds.
Hong Kong has launched its first batch of ETFs focused on cryptocurrencies, marking potential competition for the popular Bitcoin products in the United States.
Harvest Global Investments Ltd., the local unit of China Asset Management, along with a partnership between HashKey Capital Ltd. and Bosera Asset Management (International) Co., listed Bitcoin and Ether ETFs in the city on Tuesday.
In the US, spot Bitcoin ETFs from issuers like BlackRock Inc. and Fidelity Investments were launched in January, accumulating a historic $52 billion in assets so far.
Bloomberg Intelligence’s Rebecca Sin estimates that Bitcoin and Ether funds in Hong Kong could amass around $1 billion over the next two years.
However, Han Tongli, the CEO of Harvest Global, believes that the estimate is too conservative.
He argues that financial products and services in Hong Kong are accepted by investors both in the West and the East, whereas the US primarily caters to the former.
As a result, issuers are expecting approximately $300 million in combined first-day inflows for the six new Hong Kong spot-crypto ETFs, with a preference for Bitcoin funds.
OFFICIAL: SPOT #BITCOIN ETFS COMMENCE TRADING IN HONG KONG
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