Hong Kong-based financial services firm Venture Smart Financial Holdings (VSFG) plans to launch its spot Bitcoin ETF in the first quarter of this year.
According to the news provided by Bloomberg, Hong Kong-based VSFG, In the first quarter of 2024 He stated that he aims to launch a spot Bitcoin exchange-traded fund (ETF). With this fund, the company A target of $500 million in assets under management (AUM) determined.
Launched as Hong Kong’s first approved digital asset management firm, VSFG has not yet filed a notice with the country’s Securities and Exchange Commission (SFC). spot Bitcoin ETF did not apply.
Especially in Hong Kong, which has stood out with its positive attitude towards cryptocurrencies in recent years. There are no spot Bitcoin ETFs issued yet. SFC last December, spot crypto Is ready to accept ETF applications and announced that it had published two circulars addressing the requirements for placing such products on the market.
Hong Kong’s first licensed crypto exchange, which announced earlier this year HashKey business manager Livio Wengstated that approximately ten fund companies in the region have started researching to issue spot crypto ETFs.