Hong Kong investment company Victory Securities will display Bitcoin and Ether ETF payments
Hong Kong-based investment firm Victory Securities has reportedly disclosed to investors its proposed fees for its Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs), following the recent approval of cryptocurrency ETF products in the region.
The announcement comes despite Hong Kong's Securities and Futures Commission (SFC) not yet publishing a list of approved ETF issuers.
If approved by the SFC, clients can expect fixed minimum fees of $850 for Ethereum and Bitcoin ETF shares in the primary market, set at 0.5% to 1% of the total transaction. A translated report was shared by Wu Blockchain on April 20.
For investors looking to buy and sell ETF shares in the secondary market, the fee will be 0.15% for online transactions and 0.25% for telephone transactions.
The fees are comparable to the rates charged by US asset managers offering spot Bitcoin ETFs. While different fees in the US are due at different times this year, asset manager Franklin Templeton has set its fees at 0.19%, while other ETFs are between 0.20% and 0.90%.
The Greyscale Bitcoin Trust (GBTC) charges a higher fee of 1.5 percent.
On April 15, Cointelegraph reported that Hong Kong became the latest country to approve Bitcoin and Ether spot ETFs.
Related: Hong Kong spot Bitcoin ETF approval draws praise and caution from industry players
At least three offshore Chinese asset managers, including Hong Kong's Harvest Fund Management, Bocera Asset Management and China Asset Management (China AMC), plan to launch their positions in Bitcoin and Ether ETFs soon.
While the approval saw praise from many in the crypto community, including local Hong Kong exchanges, others were more skeptical about the ETF's success in the region.
“Mainland Chinese investors will likely not be eligible to buy Hong Kong-listed bitcoin and ether ETFs as they are banned from buying virtual assets,” Bloomberg ETF analyst Eric Balchunas wrote in an April 17 post on X.
Magazine: Get Bitcoin or die tryin: Why hip hop stars love crypto
