quick take
- Three cryptocurrency futures ETFs in Hong Kong achieved record highs on Thursday, as trading resumed on Wednesday following the Lunar New Year break.
Hong Kong’s trio of crypto futures exchange-traded funds reached new price peaks as Bitcoin surpassed $52,000 on Thursday. The CSOP Bitcoin Futures ETF, the pioneer in Hong Kong, surged by 3.56% to HK$20.92, marking a record high since its launch in December 2022. Additionally, the Samsung Bitcoin Futures Active ETF climbed by 3.67% to HK$20.32, while the CSOP Ether Futures ETF surged by 4.56% to HK$15.81, both hitting all-time highs. Meanwhile, Hong Kong’s Hang Seng index closed 0.41% higher. Concurrently, blockchain and crypto-related stocks saw notable gains, with Sinohope Technology Holdings Ltd. rising by 26% and OSL’s stock closing 12.6% higher on Thursday.
Rapid influx of spot crypto ETFs
Following the regional regulators’ readiness to accept such applications, several Hong Kong companies have disclosed intentions to submit spot crypto ETF applications this year. Venture Smart Financial Holdings, a financial services firm, plans to introduce its spot bitcoin ETF in Q1 and a spot ether ETF in the second quarter. Additionally, the Hong Kong branch of major Chinese asset manager Harvest Fund reportedly filed an application for a spot bitcoin ETF in January. Livio Weng, CEO of HashKey Exchange, mentioned last month that approximately ten fund companies, some with Chinese capital support, have initiated exploration into launching potential spot crypto ETFs in the city.
