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Apr 30, 2024 - 13:55
By asia.nikkei.com

Hong Kong's first crypto ETFs go public in milestone for hub ambitions

HONG KONG -- Six crypto-focused exchange-traded funds went public for the first time in Hong Kong on Tuesday, spelling potential competition for popular bitcoin products in the U.S. and symbolizing the city's ambition to become a hub for digital assets.

In early trading, three of the six ETFs, which are based on either bitcoin or Ethereum, climbed over 3% from their net asset values per share. A senior executive from one of the issuers said the launch value was a collective $250 million.