In a significant move during Monday’s early Asian session, China Asset Management, headquartered in Hong Kong, made a major announcement. They revealed that they’ve gained approval from the Hong Kong Securities and Futures Commission to offer virtual asset management services to investors.
With this approval, China Asset Management is gearing up to introduce spot Bitcoin and Ethereum exchange-traded funds (ETFs) for its investors. This means they’re not just targeting Hong Kong but also eyeing Greater China, Asia Pacific, Europe, and the United States.
To make this happen, China Asset Management has joined hands with OSL Digital Securities Co., Ltd., a significant player in the virtual asset industry, and BOC International Prudential Trusteeship Ltd., a trusted custodian. Together, they’re set to roll out spot Bitcoin and Ethereum ETFs, bridging the gap between traditional finance and the digital asset world.
China Asset Management’s parent company is a heavyweight in China’s fund industry, managing a whopping $266 billion in assets as of December 2023. This strong foundation positions them well to step into the dynamic world of virtual asset management.
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After a turbulent weekend marked by heavy cryptocurrency sell-offs, the total crypto market cap has bounced back, surging nearly 5 percent in the past 24 hours to around $2.53 trillion. Both Bitcoin and Ethereum have seen gains, with Bitcoin up by 2.5 percent and Ethereum by 4.4 percent, following the news of spot ETF approval in Hong Kong.
The approval of spot Bitcoin and Ethereum ETFs in Hong Kong is expected to have a ripple effect across global markets. This development adds fuel to the fire of US-based spot ETFs, which have already absorbed over 3 percent of Bitcoin’s circulating supply.
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