Harvest fund files for spot bitcoin ETF in Hong Kong: Report

Harvest Hong Kong is the first institution in Hong Kong to offer a spot Bitcoin ETF. A local news outlet suggests Hong Kong's Financial Services Commission (FSC) may announce its decision in the coming weeks. The United States has recently approved 11 ETFs, including BlackRock, Fidelity and Grayscale.

Harvest Hong Kong, one of the largest fund companies in China, has launched a bitcoin exchange-traded fund (ETF).

A Tencent News report says the company has filed an EFF application with the Hong Kong Securities and Futures Commission (FSC) on January 26, 2024. Harvest Fund is the first institution to submit a proposal to list a Bitcoin ETF space in Hong Kong. A news outlet announced.

According to the report, the regulator may release its decision on the ETF after the Lunar New Year holiday. However, market experts say the SFC may take a cue from the US Securities and Exchange Commission (SEC) and approve more ETFs on the go.

Institutes eye spot ETFs

Earlier this month, the SEC approved 11 spot Bitcoin ETFs, a nod that comes after a decade of market protection. The SEC court's ruling on Grayscale has paved the way for final approvals for companies including BlackRock, Fidelity Investments and Bitwise.

For Greyscale's GBTC, analysts have given ETFs a good performance amid high spending.

When Hong Kong tries to allow the first place Bitcoin ETF, the attitude is against South Korea. After the SEC decision, South Korea's Financial Services Commission (FSC) warned financial institutions and brokers about spot ETF trading.

However, the country's high office wanted to intervene, asking the FSC to consider its stance on issuing spot Bitcoin ETFs in the country.