Some of China’s biggest asset managers are using Hong Kong subsidiaries to enter the Bitcoin ETF market, according to recent reports.
JUST IN: 🇨🇳 $284 billion China Southern Fund has reportedly applied to launch spot #Bitcoin ETF via Hong Kong.
You can’t stop an idea whose time has come 🙌 pic.twitter.com/rnHOuRoY7V
— Bitcoin Magazine (@BitcoinMagazine) April 8, 2024
Securities Times reported on Monday that financial giants like Harvest Fund and Southern Fund have submitted applications via their Hong Kong arms and are awaiting regulatory approval. The move reflects growing institutional interest despite China’s previous hostility towards Bitcoin.
Harvest Fund manages over $230 billion in total assets, while Southern Fund oversees over $280 billion. Approval of Bitcoin ETF products from such influential institutions could significantly validate Bitcoin in the eyes of both Chinese regulators and investors.
The news is also a testament to the evolving landscape of Bitcoin in China. Despite its previous crackdown on Bitcoin trading and mining, the country is now witnessing a shift. While the mainland remains cautious, Hong Kong has adopted a more open approach, attracting the attention of Chinese funds.
By leveraging Hong Kong subsidiaries, major funds can gain exposure to Bitcoin in a compliant manner. The location provides a legal loophole for Chinese companies to participate in the burgeoning Bitcoin asset class.
Industry insiders are buzzing with anticipation as they predict a significant milestone in Bitcoin. Hong Kong’s first Bitcoin ETFs could potentially launch as early as Q2 this year.
Financial leaders are clearly eager to meet surging investor demand for Bitcoin access. Bitcoin ETFs offer a regulated on-ramp for both institutional and retail players.
Read More[#item_full_content]Bitcoin Magazine – Bitcoin News, Articles and Expert Insights
Bitcoin failing to bounce soon could set the stage for "one hell of a year,"…
Burry said crypto losses may have forced institutions to liquidate precious metals as bitcoin slid…
Crypto analyst and Elliott Wave expert Gert van Lagen has highlighted a critical level that…
Bitcoin slid to a year-to-date low of $74,500 on Monday, a move that wiped roughly…
Bitcoin’s on-chain fundamentals are flashing a powerful signal that hasn’t appeared since the last major…
The market’s leading cryptocurrency, Bitcoin (BTC), slid to its lowest price level seen since November…