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The CEO of Harvest, the issuer of a Bitcoin (BTC) ETF, is looking forward to…

The CEO of Harvest, the Hong Kong-based issuer of a Bitcoin (BTC) exchange-traded fund (ETF), is looking to make a Bitcoin ETF available to mainland Chinese investors.

Harvest CEO and Chief Investment Officer Han Tongli is considering options that would allow investors in mainland China to purchase Bitcoin and Ethereum (ETH) ETFs. This will be possible by offering its products through Hong Kong’s ETF Connect framework, the South China Morning Post reported on May 9.

ETF Connect was launched in 2022 and has been approved by the China Securities Regulatory Commission and the Securities and Futures Commission. The tool is designed to enhance interaction and integration between Hong Kong and mainland China, offering diverse options for asset allocation and enhanced liquidity.

CEO Tunceli said that as long as “everything goes smoothly and well” in the next two years, Harvest is not ruling out the opportunity to apply to list its ETFs on ETF Connect.

Harvest CEO Han Tongli (center) speaks at Bitcoin Asia on May 9, 2024. Source: SCMP

The potential inclusion of Bitcoin and Ether ETFs in the ETF Connect program could be a massive bullish catalyst in cryptocurrency markets, where China has a large investor pool. But it is not yet clear whether the Chinese government will accept such an opportunity for its citizens, as local authorities have maintained a very restrictive approach towards cryptocurrencies like Bitcoin for many years.

According to SCMP, Hong Kong-based Bitcoin and Ethereum futures-based ETFs – which launched in 2022 – are not included in Stock Connect.

Related: Is China preparing for Bitcoin ETFs? BTC investor response raises curiosity

Hong Kong’s ability to provide mainland Chinese investors with a Bitcoin ETF has been a hot issue even before the launch of Bitcoin and Ether ETFs in Hong Kong on April 30, 2024.

Many industry analysts did not expect much market movement since the launch because the ETF market in Hong Kong is much smaller than those in the United States or mainland China.

According to Bloomberg data, some subsidiaries of mainland Chinese companies based in Hong Kong have 1,400% more assets in the mainland Chinese market than in the local market. According to some sources, all Hong Kong ETFs should account for 0.6% of the US ETF market.

magazine: Binance Responds to WSJ, Hong Kong Crypto ETFs Take $50 Billion Equivalent: Asia Express

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