Efe Nail Saltık 
Following the Lunar New Year break, Hong Kong’s stock market resumed trading on Wednesday, witnessing three crypto futures exchange-traded funds hitting new all-time highs as Bitcoin soared above $52,000 on Thursday.
Hong Kong’s Bitcoin Future ETF’s Showing Strong Performance
The CSOP Bitcoin Futures ETF, the inaugural Bitcoin futures ETF in Hong Kong, closed up 3.56% on Thursday at HK$20.92 ($2.67), reaching an all-time high since its inception in December 2022. Similarly, the Samsung Bitcoin Futures Active ETF rose by 3.67% to HK$20.32 at Thursday’s close, while the CSOP Ether Futures ETF closed up 4.56% at HK$15.81, both achieving record highs. Concurrently, Hong Kong’s benchmark Hang Seng index concluded 0.41% higher.
These ETF surges coincided with Bitcoin’s price climbing to approximately $52,800 on Thursday, according to The Block Price Page, while it was trading around $52,100 at 2:15 p.m. Hong Kong time on Friday.
Additionally, blockchain- and crypto-related stocks in Hong Kong witnessed notable gains on Thursday. Sinohope Technology Holdings Ltd., previously known as Huobi Technology or New Huo Technology, observed a 26% surge in its stock, while the stock of crypto trading platform OSL closed 12.6% higher.
Spot Crypto ETF Rush
Several Hong Kong companies have announced intentions to file spot crypto ETF applications this year following regional regulators’ readiness to accept such applications.
Venture Smart Financial Holdings, a financial services firm, aims to introduce its spot Bitcoin ETF in Q1 and a spot Ether ETF in the second quarter. Additionally, the Hong Kong arm of major Chinese asset manager Harvest Fund reportedly submitted an application for a spot Bitcoin ETF in January.
Livio Weng, CEO of HashKey Exchange, stated last month that approximately ten fund companies, including those with Chinese capital backing, have begun exploring the launch of potential spot crypto ETFs in the city.
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