Bitcoin and ether ETFs debut in Hong Kong after unveiling of stablecoin rules
The ETFs, launched by MicroBit Capital Management, track the US dollar prices of their underlying cryptocurrencies – bitcoin and ether
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.