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Julie Zhang

Two spot bitcoin and ether exchange-traded funds (ETFs) debuted in Hong Kong on Thursday, with the small trading volumes pointing to cautious investor appetite, in contrast with the market euphoria that followed the city’s unveiling of new stablecoin rules.
The ETFs, launched by Hong Kong-based MicroBit Capital Management, track the US dollar prices of their underlying cryptocurrencies – bitcoin and ether – the world’s two largest digital tokens.
The bitcoin spot ETF, listed under stock code 3430, climbed as high as HK$7.84 (US$1.07) before closing 0.2 per cent lower at HK$7.80. The ether spot ETF, listed under stock code 3425, rose 2.4 per cent to HK$8 on Thursday.
The turnover in the bitcoin ETF crossed HK$9 million, while the ether ETF saw a volume of about HK$1 million.
Investors can buy and sell the products in both Hong Kong dollars and US dollars in lots of 100 units through the Hong Kong-licensed crypto trading platform HashKey Exchange.

“Our mission is to bridge the world with virtual and traditional investments. With the launch of our low-fee ETFs in Hong Kong, we are laying the foundation for everyday investors to gain exposure to digital assets safely, transparently and efficiently,” said Wilson Fung, CEO of MicroBit, before striking the ceremonial gong with chief investment officer Kenny Khuong to kick off trading.
Fung said that while Hong Kong’s crypto market was dwarfed by the US, the city had tremendous potential thanks to its well-established regulatory framework.
The US crypto market has been buoyant this year. Bitcoin prices have surged 22 per cent so far this year, while ether has risen 4 per cent. The US recently unveiled a crypto policy blueprint, allowing investments in cryptocurrencies via their 401(k) retirement savings plan.
“This is just the beginning of the integration of crypto assets with traditional finance,” said Khuong.
He added that crypto was entering a new phase of mass-market adoption, while more institutional players were expected to enter the market, which could drive crypto prices higher.
Retail investors account for a fraction of crypto investments currently, with most of the investments coming from institutions and high-net-worth individuals, according to Khuong.
The ETFs’ debuts come as fund managers race to capitalise on the excitement surrounding Hong Kong’s stablecoin regulations. The government plans to issue a handful of licences for stablecoins backed by fiat currencies, which could be used for real‑world applications like international trade to everyday retail payments, offering faster and more cost‑efficient transactions.
The first to jump onto the bandwagon was Pando Finance. The global virtual asset manager teamed up with licensed virtual asset trading platform OSL Exchange to launch the Pando Bitcoin ETF on the Hong Kong stock exchange on July 18. The ETF edged up 0.5 per cent to HK$7.55 on Thursday.
Hong Kong made waves when the first batch of six spot virtual asset ETFs started trading in April last year after the Securities and Futures Commission opened the door for retail investors to trade spot bitcoin and ether ETFs in late 2023.
“Hong Kong regulators will further explore broadening the scope of crypto investment products to include futures or derivatives for professional investors, as part of efforts to foster the city’s Web3 ecosystem,” said Robert Lui, Hong Kong digital asset leader at Deloitte, on the sidelines of the listing ceremony.


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The ETFs, launched by MicroBit Capital Management, track the US dollar prices of their underlying cryptocurrencies – bitcoin and ether


The ETFs, launched by MicroBit Capital Management, track the US dollar prices of their underlying cryptocurrencies – bitcoin and ether.


Bitcoin and ether ETFs debut in Hong Kong after unveiling of stablecoin rules

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The ETFs, launched by MicroBit Capital Management, track the US dollar prices of their underlying cryptocurrencies – bitcoin and ether

The ETFs, launched by MicroBit Capital Management, track the US dollar prices of their underlying cryptocurrencies – bitcoin and ether