Hong Kong spot bitcoin and ether ETFs to start trading April 30

Hong Kong has officially cleared the way for six crypto-based spot ETFs to begin trading on April 30, according to Bloomberg analysts.

Initially, three spot bitcoin and three spot ether exchange-traded funds will become available, allowing investors to wager on the price of the two dominant cryptocurrencies without having to buy them directly. Earlier this month, Hong Kong approved several spot bitcoin ETFs and spot ether ETFs managed by China Asset Management, Harvest Global, Bosera and HashKey.

Although Hong Kong's spot crypto ETFs are expected to attract much less capital when compared to those in the U.S. offered by financial heavyweights like BlackRock and Fidelity, the approval is a positive development. Hong Kong appears to be positioning itself as a digital-assets hub.

During a webinar on Wednesday, Bloomberg Intelligence ETF analysts said they expected the Hong Kong spot crypto exchange-traded funds to bring in about $1 billion in assets under management within the first year or two.

Mainland Chinese investors will not be able to invest in the Hong Kong regulated spot crypto ETFs, the Bloomberg analysts said on Wednesday.