Hong Kong-listed cryptocurrency spot ETF, expected to raise more funds on its first day than in the United States

The Hong Kong Stock Exchange officially listed the spot ETFs for Bitcoin and Ethereum on 4/30, which were issued yesterday. The largest fund, Huaxia Fund, held a press conference last night. Zhu Haokang, the head of digital asset management, and Wayne Huang, the head of OSL ETF and custodian business, expressed confidence in the first day trading volume of the Hong Kong cryptocurrency spot ETF, believing it will surpass the US first-day issuance volume of 125 million US dollars.

Cryptocurrency spot ETFs for Bitcoin and Ethereum will be listed in Hong Kong tomorrow, with a total of six ETFs being consolidated.

First-day Fundraising Expected to Exceed the United States

According to a report compiled by Foresight News, Zhu Haokang, Director of Digital Asset Management at Huaxia Fund Hong Kong, and Wayne Huang, Head of OSL ETF and Custody Services, expressed confidence in the size of the first-day listing of the Hong Kong virtual asset spot ETFs, believing they can surpass the $125 million raised on the first day in the United States. Huaxia is confident that it can become the largest of the three issuers.

Wayne Huang stated:

OSL completed the first-day fundraising transactions on April 29th with two funds, namely Huaxia and Jia Shi, which indeed far exceeded the funds inflow of the first-day listing of the Bitcoin spot ETF in the United States.

Note: According to previous reports, the net inflow of the first ten Bitcoin spot ETFs in the United States, excluding GBTC, was $660 million. The $125 million mentioned by Huaxia should refer to the fundraising amount on the issue date of April 29th, not the first day of listing.

Which Investors Can Buy and Sell ETFs?

Qualified investors, institutional investors, retail investors, and eligible international investors in Hong Kong can all invest in cryptocurrency spot ETFs.

Furthermore, as the Hong Kong virtual asset spot ETF allows for physical delivery, Bitcoin miners can directly purchase ETFs with the Bitcoins they hold. Zhu Haokang also mentioned that Huaxia has received strong interest from family offices in Singapore, the Middle East, Asia, and overseas.

Currently, mainland Chinese investors are not yet able to invest in Hong Kong cryptocurrency spot ETFs, but it is worth monitoring for any corresponding regulatory adjustments or the introduction of specific regulatory frameworks in the future.