Hong Kong-listed Bitcoin ETFs To Unlock Billions Of Dollars
A Singapore-based crypto company, Matrixport, disclosed Hong Kong’s moves regarding spot Bitcoin exchange-traded funds (ETFs) on Friday, April 12. According to the details, Southbound Stock Connect will provide qualified mainland Chinese investors access to eligible shares listed in Hong Kong.
Matriport stated:
Chinese Seeks Alternative Assets For Diversification
Meanwhile, mainland China is showing interest in other alternative assets. The recent increase in gold prices in Shanghai serves as evidence for investment diversification.
Notably, the value of the yuan has plummeted by almost 2% against the USD. The decline spread two years of losses that slowed down the economy and reduced trading profits.
According to Matrixport, China’s RMB has hit a 17-year low compared to the USD. This drop supports the country’s increasing demand for diversification.
While many diversify to gold, several prominent personalities and firms are showing interest in the upcoming listing of Bitcoin ETFs. The COO of ContentFi Labs, Nick Ruck, confirmed that mainland funds have an interest in issuing ETFs in Hong Kong.
According to Ruck, several applications have been made for spot BTC ETFs through the fund’s subsidiaries in Hong Kong. He noted that getting approval would enable greater access to Bitcoin for qualified mainland investors.
Similarly, Nikkei Asia reported new applications for spot ETFs in Hong Kong by some prominent companies. The firms are Chinese brokerage GF Holdings-owned Value Partners and a top fund manager, Harvest Global Investment.
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