Alex Dovbnya
There are now Ethereum ETFs in Hong Kong, but they are unlikely to be approved in the US
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The Hong Kong Securities and Futures Commission has officially approved several spot applications for Bitcoin and Ethereum exchange-traded funds (ETFs).
HashKey, Bosera Capital and China Asset Management were among the issuers approved by the regulator.
According to data from CoinGecko, the price of Ethereum has increased by more than 5% in the last 24 hours. Bitcoin is up almost 3%.
Last week, Bloomberg reported that the products were expected to be greenlit in Hong Kong on April 15.
What about the USA?
In January, several spot Bitcoin ETFs were approved in the US. BlackRock's product became a record-breaking success story, attracting $10 billion in assets in less than two months.
As reported by U.Today, BlackRock's IBIT has now managed to outperform veterans like the iShares MSCI Japan ETF (EWJ) in virtually no time.
Although BlackRock and other big names also applied to launch spot ETFs on Ethereum last year, the US Securities and Exchange Commission has so far been reluctant to approve such products.
There has been significant political backlash aimed at preventing future approval of ETFs pegged to other cryptocurrencies. Additionally, the SEC is reportedly working on classifying Ethereum as a security.
Last month, Robert Mitchnick, head of digital assets at BlackRock, said demand for Ethereum was low while Bitcoin remained their primary focus.
However, according to BlackRock CEO Larry Fink, recognizing the largest altcoin as a security would not necessarily prevent the launch of a spot ETF.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience reporting on everything related to the emerging industry – from price analysis to blockchain disruption. Alex has written more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He is particularly interested in the regulatory trends around the globe that are shaping the future of digital assets. He can be contacted at [email protected].
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