Against the backdrop of the continuous advancement of financial technology, the Hong Kong Exchanges and Clearing (HKEX) has welcomed the listing of Asia’s first batch of virtual asset spot ETFs, which not only provides investors with a new investment channel, but also marks an important step forward for the Hong Kong financial market in the field of virtual assets.

On April 30, six spot Bitcoin and spot Ethereum ETFs issued by three fund companies, namely Harvest, China Asset Management and Bosera, were officially listed on the Hong Kong Stock Exchange.

6 spot ETFs from three fund companies listed on the Hong Kong Stock Exchange

The listing codes of these ETFs are:

Harvest Bitcoin Spot ETF (Stock Code: 3439 - HKD Counter, 9439 - USD Counter) and Harvest Ethereum Spot ETF (Stock Code: 3179 - HKD Counter, 9179 - USD Counter);

Bosera HashKey Bitcoin ETF (Stock Code: 3008 - HKD counter, 9008 - USD counter) and Bosera HashKey Ethereum ETF Stock Code: 3009 - HKD counter, 9009 - USD counter);

ChinaAMC Bitcoin ETF (Stock Code: 3042 - HKD counter, 9042 - USD counter, 83042 - RMB counter) and ChinaAMC Ethereum ETF (Stock Code: 3046 - HKD counter, 9046 - USD counter, 83046 - RMB counter).

New virtual asset spot ETF launched, market response enthusiastic

Hong Kong Exchanges and Clearing Limited (HKEX) has further enriched its diversified and active ETF market ecosystem by introducing new virtual asset spot ETFs, opening up new investment channels for investors. Robin Lo, Head of Securities Product Development at HKEX, stressed that following the successful launch of virtual asset futures ETFs last year, the listing of spot ETFs will enhance the diversity of HKEX's products and improve market liquidity.

According to data from the Hong Kong Stock Exchange, the first batch of virtual asset futures ETFs listed in 2022 have been warmly welcomed by the market and are actively traded. The average daily trading volume of these products increased significantly from 8.9 million yuan in 2023 to 51.3 million yuan in the first quarter of 2024, while attracting more than 529 million yuan in capital inflows.

Market data shows that the performance of the six newly listed spot Bitcoin and Ethereum ETFs is differentiated. Boshi Bitcoin ETF (03008.HK) performed particularly strongly, recording a 2.17% increase and quoting 49.76 yuan. Ethereum ETFs performed weakly overall, with only Huaxia Ethereum ETF (09046.US) rising slightly by 0.20% to 1.002 yuan.

Industry observers believe that the launch of spot ETFs will significantly lower the threshold for investors to enter the virtual asset market, enhance the attractiveness and accessibility of Bitcoin and Ethereum. It is expected that this will bring a large amount of new funds to the virtual asset industry and promote the industry to develop on a larger scale.

Opportunities in Hong Kong’s financial market

The listing of these ETFs is expected to boost Hong Kong’s status as an Asian financial center, accelerate the arrival of Hong Kong’s Web 3.0 era, activate and drive Hong Kong’s financial market transactions, and enhance its competitive advantage in the global virtual asset field.

However, virtual asset spot ETFs are high-risk investments after all, and the causes of their price fluctuations are complex. Cai Fengyi, executive director of the investment products department of the Hong Kong Securities Regulatory Commission, reminded investors to consider their own risk tolerance and set reasonable investment goals.

Some experts also reminded that ordinary investors should not take investing in related ETF products lightly, and need to fully understand the product features and operating mechanisms, and reasonably set profit and loss targets. In addition, the fees of virtual asset spot ETFs may be higher than traditional ETFs, and investors also need to reasonably evaluate the benefits and costs.

Conclusion

The listing of the first batch of virtual asset spot ETFs in Asia has not only brought new vitality to the Hong Kong financial market, but also provided new investment opportunities for global investors. With the continuous development of the market and the gradual improvement of supervision, virtual asset investment is expected to usher in a more stable and mature future.

We encourage investors to pay attention to the upcoming related events, learn more about virtual asset ETFs, make wise investment decisions, and witness and participate in the growth of this emerging market. #比特币ETF #以太币ETF