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Harvest's CEO feels that the Hong Kong-mainland China ETF bridge initiative can potentially expand crypto ETF access in mainland China.
Harvest Explores Offering Bitcoin and Ether ETFs to Mainland Chinese Investors via Hong Kong's ETF Connect
The CEO of Harvest, who runs a spot Bitcoin exchange-traded fund (ETF) in Hong Kong, wants to make his fund more accessible to mainland Chinese investors.
According to the South China Morning Post on May 9, Han Tongli is examining possibilities for mainland Chinese investors to purchase its Bitcoin (BTC) and Ether (ETH) ETFs by offering Harvest's products through Hong Kong's ETF Connect framework.
The South China Morning Post stated on May 9 that Harvest will offer its products through Hong Kong's ETF Connect framework.
ETF Connect debuted in 2022 and was approved by the China Securities Regulatory Commission and the Securities and Futures Commission. The tool is intended to increase engagement and integration between Hong Kong and mainland China, provide varied asset allocation options, and promote liquidity.
According to Han, harvest may consider asking for its ETFs to be included in ETF Connect if "everything goes smooth and well" during the next two years.
The inclusion of Bitcoin and Ether ETFs in the ETF Connect program might be a big positive catalyst for cryptocurrency markets, given China's large investor base. However, whether the Chinese government will welcome the chance remains to be seen, as local officials have maintained a fairly restrictive approach to cryptocurrencies such as Bitcoin for years.
Hong Kong's Bitcoin and Ether Futures ETFs Yet to Enter Stock Connect, Amid Speculation Over Mainland Accessibility
According to SCMP, Hong Kong's Bitcoin and Ether futures-based ETFs, which started in 2022, have not been featured in Stock Connect.
Even before the launch of Bitcoin and Ether ETFs in Hong Kong on April 30, there was speculation over Hong Kong's potential to provide a Bitcoin ETF to mainland Chinese investors.
Many industry analysts did not anticipate much market activity from the debut because the Hong Kong ETF market is substantially smaller than those in the United States and mainland China, as per Cointelegraph.
According to Bloomberg data, some Hong Kong-based subsidiaries of mainland Chinese corporations have 1,400% more assets in the mainland Chinese market than in the local one. According to some estimates, all Hong Kong ETFs should account for 0.6% of the U.S. ETF market.
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