Hong Kong firm Venture Smart Financial Holdings Ltd has put in an application to Hong Kong’s Securities And Futures Commission to launch a spot bitcoin ETF.
They hope to launch in May or in June at the latest. Furthermore, since Hong Kong’s Securities And Futures Commission wants spot ETFs to follow an in-kind creation and redemption model, which allows for more efficient fund management, it could facilitate higher Assets Under Management. They recently released a regulatory policy for spot crypto funds and that’s what has prompted Venture Smart Financial Holdings to make their official application.
Venture Smart Financial Holdings told Bloomberg that they’re hoping for $500 million in AUM by the end of this year.
I See the Hong Kong spot bitcoin ETFs as being really good for bitcoin price because the estimated launch date in May or June is right after Dev Guru Jupiter enters into the natural 2nd Sign of Taurus. That is the sign of liquidity and Jupiter being there will expand liquidity.