Hong Kong's first BTC-ETH spot ETF issuer “surpasses US record on first day of listing”

Hong Kong Ethereum ETF issuer China Asset Management (华夏基金, ChinaAMC) held a press conference to announce that “we expect the trading volume of our cryptocurrency spot ETF, the first of its kind to trade in Hong Kong, to exceed the US record ($1.25 billion) on its first day of trading,” according to Foresight News. “Unlike the US, we allow both in-kind and cash redemptions. This has attracted a lot of participation from Bitcoin mining companies. They can use their BTC holdings to buy crypto spot ETFs directly in Hong Kong. We have also been in contact with investors from Singapore, the Middle East, and many other countries where BTC spot ETFs are not yet authorized. The trading hours are different from the U.S., so we can absorb another layer of demand,” said Mr. Wong. “Even if the U.S. Securities and Exchange Commission (SEC) classifies ETH as a security, our Hong Kong ETF product will not be affected,” he added. China Asset Management's BTC-ETH Spot ETF is scheduled to begin trading on April 30th.