ChinaAMC (Hong Kong) Limited introduced in a press convention on April 29 the launch of its Bitcoin and Ethereum ETFs, scheduled for April 30. These ETFs, known as “Spot ChinaAMC Bitcoin ETF” and “Spot ChinaAMC Ethereum ETF,” provide new insights into the corporate’s expectations and the distinctive options of its merchandise.
Zhu Haokang, head of digital asset and household wealth administration at ChinaAMC (Hong Kong), expressed confidence that the buying and selling quantity of the corporate’s digital ETFs on the primary day of itemizing will surpass the file of $125 million set by US Bitcoin ETF issuers on January 10. ChinaAMC goals to develop into the ETF issuer with the best first-day buying and selling quantity among the many three issuers in Hong Kong.
A key distinction between ChinaAMC digital asset ETFs and their US counterparts is the flexibility to supply bodily and spot subscriptions and redemptions, a characteristic not obtainable for Bitcoin ETFs in the United States. Additionally, ChinaAMC Virtual Asset ETFs in Hong Kong are the one ones with accounts in Hong Kong {dollars}, US {dollars} and yuan, and provide each listed and unlisted shares.
The launch of those ETFs has sparked curiosity amongst a variety of traders, together with Bitcoin miners, who can straight buy digital asset ETFs in Hong Kong utilizing their Bitcoin holdings. Despite the massive Bitcoin ETF market in the United States, Hong Kong’s money and bodily subscription mannequin and buying and selling throughout Asian hours are anticipated to draw many American traders.
ChinaAMC is contemplating launching progressive monetary merchandise associated to its ETFs, resembling reverse leverage and derivatives, in collaboration with funding banks and securities companies. The firm believes that cryptocurrency ETFs will probably be helpful for cryptocurrency costs as a consequence of a number of elements, together with elevated liquidity and elevated business regulatory compliance.
