Bitcoin Crosses $72K as Chinese Asset Managers Apply for Bitcoin ETFs

Two China-based asset management firms have submitted applications for spot Bitcoin ETFs via their Hong Kong subsidiaries, sparking a renewed push in Bitcoin's price.

Harvest Fund Management and Southern Fund have subsidiaries located in Hong Kong and manage assets worth over $200 billion. Both firms have reportedly submitted applications to the Hong Kong Securities and Futures Commission (SFC).

Now awaiting approval, listings could be as early as the second quarter. Other Chinese public equity firms are also planning to apply for spot Bitcoin ETF products.

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Another firm, China Asset Management has announced that its Hong Kong division has reached a cooperation agreement with HashKey Exchange, “to collectively promote and advance initiatives related to Web 3.0 in the asset management industry in Hong Kong.”

Harvest Fund Management's Hong Kong division launched futures ETFs in December 2022, marking the first in Asia. The firm also applied for its own Bitcoin ETF in January, marking Hong Kong's first application.

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In a recent speech at the opening ceremony of the “2024 Hong Kong Web3 Carnival” on Saturday, Hong Kong Deputy Secretary of the Financial Services and the Treasury Bureau, Edmond Huang said the city plans to allow a range of digital asset services including futures and ETFs.

Bitcoin's price, which has been sitting around $69K, jumped to the $72K mark on Monday after the news broke.