Hong Kong is gearing up to introduce its first-ever Bitcoin and Ethereum exchange-traded funds (ETFs) on April 30th, subsequent to receiving the green light from the Securities and Futures Commission (SFC), as per a report by Bloomberg.

Managed by Bosera-HashKey Capital and China Asset Management (ChinaAMC), these ETFs aim to establish a regulated avenue for cryptocurrency investments, targeting a broad spectrum of investors encompassing both retail and institutional participants.

Distinguishing itself from the prevailing practices in the United States, these ETFs will adopt an in-kind creation model, facilitating the direct exchange of cryptocurrencies for ETF shares.

The initiation of these ETFs signifies a strategic maneuver by Hong Kong to fortify its position as a prominent digital asset center and leverage the escalating global enthusiasm towards cryptocurrency investment opportunities.

This development follows the successful approval and implementation of spot Bitcoin ETFs in the United States, which triggered an unprecedented upsurge in cryptocurrency valuations.

Bitcoin has achieved a remarkable milestone, hitting a fresh all-time high price of US$73,737 subsequent to the U.S. ETFs debut in January.

As of 1:30 p.m. ET, Bitcoin was trading at US\(65,044, reflecting a 2.5% decline for the day. Meanwhile, Ethereum witnessed a 1.4% decrease, settling at US\)3,182, based on data from CoinGecko.

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