spot_imgspot_imgspot_img

Hong Kong-Based Company Prepares to Launch Spot Bitcoin ETF!

  • According to a report published on January 19th, VSFG has announced plans to launch a spot Bitcoin ETF in the first quarter of the year.
  • The Securities and Futures Commission (SFC) has shown openness to evaluate applications for various funds, not limited to crypto futures ETFs.
  • On January 11th, eleven spot Bitcoin ETFs, including presentations from companies like BlackRock, BitWise, Grayscale, and ARK 21Shares, began trading in the United States.

Venture Smart Financial Holdings Limited, based in Hong Kong, has taken steps to launch a spot Bitcoin ETF.

VSFG Prepares for Spot Bitcoin ETF

hong-kong-bitcoin

Venture Smart Financial Holdings Limited (VSFG), based in Hong Kong, is gearing up to launch a Bitcoin spot exchange-traded fund (ETF) pending approval from the Securities and Futures Commission (SFC), as reported in a January 19th release.

According to the report, VSFG has revealed plans to launch a spot Bitcoin ETF in the first quarter of the year. The company has also set a target of $500 million in assets under management (AUM) by the end of the year. However, as of now, VSFG has not yet submitted an ETF application to the SFC.

This recent development aligns with a joint announcement made by the SFC and the Hong Kong Monetary Authority (HKMA) on December 22, 2023. In the announcement, both institutions expressed readiness to evaluate applications for virtual asset spot ETFs, acknowledging the evolving landscape of virtual assets since 2018.

Hong Kong regulators initially adopted an approach focused on “professional investors only,” but they have seen a shift in perspective regarding retail exposure to digital assets. Regulatory authorities are now taking a more flexible approach to crypto asset regulation, reviewing policies affecting intermediaries involved in virtual asset activities.

In the context of these regulatory changes, the SFC has shown openness to evaluate applications for various funds, not limited to crypto futures ETFs.

Growth in the US ETF Market Sets the Pace for Hong Kong

While the SFC is prepared to authorize retail investor access to virtual asset spot ETFs, Hong Kong lags behind the United States in launching such products. The U.S. has already introduced eleven spot Bitcoin ETFs for trading, including presentations from companies like BlackRock, Bitwise, Grayscale, and ARK 21Shares.

Spot crypto ETFs provide investors with exposure to virtual assets without direct ownership of crypto tokens, creating collaboration opportunities with mainstream finance.

On January 11th, eleven spot Bitcoin ETFs, including presentations from companies like BlackRock, Bitwise, Grayscale, and ARK 21Shares, began trading in the U.S. Bitwise’s CEO, Hunter Horsley, announced on January 18th that the company’s flagship product, Bitwise Bitcoin ETF Trust (BITB), attracted an impressive $68 million in additional investments. Horsley highlighted that the additional investment increased the company’s total assets to $370 million in just four days.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

EU Central Bank Asserts Bitcoin BTC’s Value Remains Zero Despite Rising Market Acceptance

Despite Bitcoin's surge past $64,000 and ETF milestones in the U.S., the European Central Bank steadfastly views the leading digital asset's value as non-existent, highlighting potential economic and environmental risks.

BlackRock’s Bitcoin ETF IBIT Set to Eclipse Gold with $10 Billion Milestone, Reshaping Crypto ETF Landscape

Amid Bitcoin's ascent past $60,000, BlackRock's IBIT ETF is poised to outpace traditional gold investments, signaling a significant shift in investor preferences towards digital currencies.

Coinbase Experiences Unprecedented Traffic Surge Amid Bitcoin BTC’s Rally to $64K

In an extraordinary display of digital currency enthusiasm, Coinbase's platform traffic overwhelmingly surpassed expectations, underscoring the growing mainstream acceptance of Bitcoin and other cryptocurrencies.

Jeff Bezos Sparks Bitcoin Investment Rumors: A New High-Profile Player?

The cryptocurrency community is abuzz with speculation that Amazon founder Jeff Bezos could be making a significant move into Bitcoin, following a series of financial maneuvers and a high-profile meeting with Michael Saylor.

Solana Trader’s Astounding 4,530x Return on WIF Ignites Crypto Community Buzz

A Solana trader's incredible return on investment with dogwifhat (WIF) captivates the crypto world, spotlighting the high-reward potential of meme coins within the Solana ecosystem.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
spot_imgspot_imgspot_imgspot_img

EU Central Bank Asserts Bitcoin BTC’s Value Remains Zero Despite Rising Market Acceptance

Despite Bitcoin's surge past $64,000 and ETF milestones in the U.S., the European Central Bank steadfastly views the leading digital asset's value as non-existent, highlighting potential economic and environmental risks.

BlackRock’s Bitcoin ETF IBIT Set to Eclipse Gold with $10 Billion Milestone, Reshaping Crypto ETF Landscape

Amid Bitcoin's ascent past $60,000, BlackRock's IBIT ETF is poised to outpace traditional gold investments, signaling a significant shift in investor preferences towards digital currencies.

Coinbase Experiences Unprecedented Traffic Surge Amid Bitcoin BTC’s Rally to $64K

In an extraordinary display of digital currency enthusiasm, Coinbase's platform traffic overwhelmingly surpassed expectations, underscoring the growing mainstream acceptance of Bitcoin and other cryptocurrencies.