Chinese Unicorn Hashkey Capital Announces Major News: Bitcoin Spot ETF Trading to Begin on April 30!

A spokesperson from the Chinese unicorn Hashkey Capital announced on Wednesday (April 24) that the Bitcoin and Ethereum spot ETF products, developed in collaboration with Bosera Funds in Hong Kong, will begin trading on April 30. However, there are market skeptics who doubt that Hong Kong will experience a "BlackRock effect" and believe the demand in Hong Kong could be smaller compared to the U.S. market.

Cryptocurrency media outlet Wu Blockchain noted that the industry has received numerous inquiries about the Hong Kong spot ETF from Bitcoin holders, and the speed of product approval has surprised some.

Additionally, the "physical redemption" method is particularly appealing to cryptocurrency holders, market makers, and digital asset exchanges because it enhances efficiency and arbitrage opportunities.

It has also been reported that Zetrix Foundation and MYEG have signed a memorandum of understanding with Hong Kong-licensed virtual asset management company MaiCapital to collaborate on launching virtual asset funds or Hong Kong ETF products.

The focus of this memorandum is to issue a basket of cryptocurrencies approved by the Hong Kong Securities and Futures Commission (SFC), including Bitcoin and Zetrix, along with other suitable cryptocurrencies.

This collaboration follows MYEG's announcement of a strategic alliance with Web3Labs Hong Kong and venture capital firm Summer Capital, developed by Zetrix.

MYEG, a listed Malaysian company, saw a slight increase in its stock price by 0.64% to 0.79 ringgit on Wednesday in the Asian market, with a gain of 1.94% over the past five days.

In addition to the Bitcoin spot ETF, Hong Kong has also seen positive developments in collaborations between traditional and innovative sectors.

The Bitcoin Layer2 project MAP Protocol announced on Twitter that it has formed a strategic partnership with Oriental Asset Management (Hong Kong) Limited to advance the integration of traditional financial institutions with Web3 digital assets. They aim to provide research and technological support for Web3 digital assets and RWA products to traditional financial institutions in Hong Kong.

On April 10, Tencent Finance's "Frontline" exclusively learned from various sources that the Hong Kong Securities and Futures Commission urgently updated the list of virtual asset management funds in the early hours of April 10 due to its plan to announce the first batch of spot Bitcoin ETFs on April 15.

The Hong Kong Securities and Futures Commission originally planned to approve four spot Bitcoin ETFs in the first batch, including Jia Shi International, Hua Xia Fund, Bosera Funds, and Value Partners Financial. However, Bosera Funds and Value Partners Financial were not present in the updated list of virtual asset management funds on April 10.

Following the approval process in Hong Kong, the Hong Kong Securities and Futures Commission plans to issue the first batch of spot Bitcoin ETFs on April 15, and the Hong Kong Exchange will need approximately two weeks to prepare for product listing and other matters.

However, detailed communication and planning with the Hong Kong Exchange have been done in advance for the entire spot Bitcoin ETF project, and it is expected to be completed in about 10 days. The Hong Kong Securities and Futures Commission originally planned to launch the spot Bitcoin ETFs in Hong Kong around April 25, no later than the end of April.