Harvest Fund Management’s Hong Kong branch has reportedly filed for a spot Bitcoin exchange-traded fund (ETF) with the Securities and Futures Commission.
According to a Tencent News report, Harvest Fund Hong Kong has filed for a spot Bitcoin ETF with the Hong Kong Securities Regulatory Commission (SFC), as the local authorities have signaled their willingness to greenlight spot crypto ETFs. As of press time, Harvest Fund made no public statements on the matter.
The report suggests that the SFC is leaning towards approving the ETF for listing on the Hong Kong Stock Exchange post the conclusion of the Chinese New Year, slated to end on Feb. 11. According to Tencent News, there is a possibility that the SFC might follow the U.S. in the way of approving applications from multiple companies simultaneously.
As of now, Harvest Fund stands as the exclusive institution to have formally submitted an application for a spot Bitcoin ETF, the report notes. Earlier, crypto.news reported that Venture Smart Financial Holdings Limited, a financial services firm based in Hong Kong, is also gearing up to introduce its spot Bitcoin ETF in the city in Q1.
Beyond spot Bitcoin ETFs, Harvest Fund’s subsidiary, Harvest Global Investments Ltd., is also in discussions with the Hong Kong Monetary Authority about planned stablecoin trials known as regulatory sandboxes, Bloomberg has learned, citing people familiar with the matter. It is expected that Hong Kong will unveil its rules for stablecoins by the end of Q1.
Harvest Fund Management is one of the largest asset management firms in China, with over $210 billion in assets under management. The financial giant manages various types of funds, including mutual funds, pension funds, and other investment vehicles.
