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08/24/2024

Hong Kong Bitcoin ETFs Surpass $250 Million in Assets Under Management

Hong Kong's spot Bitcoin ETFs have crossed the 2 billion Hong Kong dollar mark (approximately $256 million) in total assets under management (AUM). Hong Kong's Bitcoin ETFs got off to a relatively slow start compared to their U.S. counterparts. According to data from SoSo Value, the three spot BTC ETFs in Hong Kong saw net inflows of approximately 247 BTC over the past week, bringing total holdings to around 4,450 BTC. Total ETF AUM now stands at approximately HK$2.1 billion ($269 million). The ETFs from

Hong Kong Bitcoin ETFs Surpass $250 Million in Assets Under Management

Hong Kong's spot Bitcoin ETFs have crossed the 2 billion Hong Kong dollar mark (approximately $256 million) in total assets under management (AUM).

Hong Kong's Bitcoin ETFs got off to a relatively slow start compared to their U.S. counterparts. According to data from SoSo Value, the three spot BTC ETFs in Hong Kong saw net inflows of approximately 247 BTC over the past week, bringing total holdings to around 4,450 BTC. Total ETF AUM now stands at approximately HK$2.1 billion ($269 million).

ETFs from China Asset Management and Harvest Asset Management — operating in partnership with digital asset trading platform OSL — account for more than HK$1.3 billion ($167 million) in AUM. The third spot Bitcoin ETF, which is not affiliated with OSL, holds HK$776 million ($99.5 million), representing roughly 42% of the market.

Related: 'China is about to start bidding' — Will Hong Kong's Bitcoin ETFs spark a halving rally?

Investors in Hong Kong have fewer options for gaining BTC exposure compared to the 11 funds currently available in the U.S. market.

A Slower Start Than the U.S.

Despite recent inflows, Hong Kong's spot Bitcoin ETFs continue to underperform relative to their U.S. counterparts. When the funds launched on April 30, they attracted a combined $262 million in their first week — the bulk of which had been pre-subscribed before the official listing.

Actual new capital flowing in during the first week came to just $14 million, a stark contrast to the billions that poured into U.S. spot Bitcoin ETFs at their January launch.

That gap underscores the challenges Hong Kong faces in establishing itself as a global hub for crypto investment.

As Bloomberg ETF analyst Rebecca Sin has noted, the city's in-kind ETF creation model presents a unique opportunity to grow both AUM and trading volume. Even so, Hong Kong has yet to close the gap with the U.S. in terms of investor interest and capital flows.