• Hong Kong’s Harvest International and China Asset Management have approved the management of “Coins Circles.”

  • The launch of Bitcoin spot ETF is expected by the end of April.

  • Hong Kong’s Bitcoin spot ETF market is anticipated to reach approximately US$2 billion in scale.

The Hong Kong Securities and Futures Commission has granted approval to Harvest International Asset Management Company and China Asset Management (Hong Kong) Co., Ltd. for “coin circle” asset management qualifications. This move paves the way for the much-anticipated launch of a Bitcoin spot ETF, expected as early as the end of April.

The updated list of virtual asset management fund companies on the official website of the Hong Kong Securities and Futures Commission reveals the inclusion of Harvest International and China Asset Management, signifying their entry into the virtual asset industry in Hong Kong. These renowned public fund companies now possess the necessary qualifications to introduce currency fund products related to the “coin circle” to the public, including Bitcoin spot ETFs.

Harvest International, which had previously submitted a Bitcoin spot ETF proposal, has been awaiting this approval for nearly three months. With this green light, retail investors will soon have the opportunity to subscribe to Bitcoin-related products through the Hong Kong Stock Exchange.

Sources close to Tencent Finance’s “First Line” indicate that the Hong Kong Securities and Futures Commission’s swift update of the list of virtual asset management funds on April 10 is in preparation for the announcement of Hong Kong’s inaugural batch of Bitcoin spot ETFs on April 15.

While Harvest International and China Asset Management lead the charge, other contenders, such as Boshi Fund and Value Partners Financial, are yet to appear on the updated list due to regulatory compliance issues.

Hong Kong’s Bitcoin spot ETF market may not match the scale of its U.S. counterpart initially but industry analysts anticipate substantial interest from investors, projecting a potential scale of around $2 billion for Harvest International’s offering.

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