Summary
Hong Kong-based financial services firm Venture Smart Financial Holdings Ltd. (VSFG) is preparing to apply for a spot Ethereum exchange-traded fund (ETF) and potentially launch its spot bitcoin ETF in Q1 2024. VSFG Chairman Lawrence Chu stated that the firm is in the final phase of submitting its application for a spot bitcoin ETF to the Hong Kong Securities and Futures Commission. If approved and listed in Q1, the company aims to submit a spot Ethereum ETF in Q2. Chu also noted that with several fund companies in Hong Kong preparing to apply for spot bitcoin ETFs, there could be a fee war among asset managers. VSFG sees itself as a service provider to ETF issuers rather than direct competition.
Key Points
1. Venture Smart Financial Holdings Ltd. is preparing to apply for a spot Ethereum exchange-traded fund (ETF) in Hong Kong, with the anticipation of launching its spot bitcoin ETF in the first quarter.
2. VSFG is in the final phase of submitting its application for a spot bitcoin ETF to the Hong Kong Securities and Futures Commission, after extensive regulatory discussions.
3. The company is targeting a second-quarter submission for a spot Ethereum ETF, depending on the approval and listing of its spot bitcoin ETF. There are other fund companies in Hong Kong also looking into launching potential spot crypto ETFs.