Hong Kong asset manager Value Partners Group Ltd and local virtual asset manager Venture Smart Financial Holdings Ltd (VSF) may launch a spot bitcoin exchange-traded fund in the city.
The firms have signed a memorandum of understanding for the plan.
The move comes less than two weeks after the US Securities and Exchange Commission approved 11 applications to launch bitcoin ETFs, including from US asset management giant BlackRock Inc, Fidelity Investments, and Invesco Ltd.
Value Partners sees “untapped opportunities” in virtual assets, according to Group Chief Executive Officer June Wong.
“The plan to launch a spot bitcoin ETF marks our first collaborative initiative, offering Hong Kong investors exposure to the world’s largest digital asset, all while enjoying the convenience and efficiency of the ETF vehicle,” she says in a statement on January 22.
VSF Chairman Lawrence Chu notes that the global virtual asset landscape has undergone “rapid evolution” over the last few years.
“At VSF, we have been diligently planning and engaging in discussions with market practitioners on the positive momentum for the virtual asset realm and hope to provide more investment options for investors through spot virtual asset ETFs,” he says.
Value Partners had around US$5.7 billion of assets under management as of September 2023.
