Asia’s first spot bitcoin and ether ETFs debut in Hong Kong

Hong Kong on Tuesday launched six spot bitcoin and ether exchange traded funds — becoming the first in Asia to offer retail investors the ability to trade the cryptocurrencies at spot prices.

The cryptocurrency ETFs were issued by three Chinese firms — China Asset Management, Bosera Asset Management, and Harvest Global Investments — on the Hong Kong exchange.

Hong Kong’s Securities and Futures Commission (SFC) approved the three ETF providers two weeks ago.

Spot bitcoin ETFs by ChinaAMC, Bosera HashKey and Harvest were above 3% higher in early trading, but subsequently gave up some gains to trade by about 1.5% higher. The three ether ETFs were trading above 1% in the morning, but fell into negative territory by the late afternoon.

Bitcoin was trading at $63,218 at 3:50 a.m. ET, while ether was trading at $3,159, according to Coin Metrics data.

Source: CNBC