On April 30, 2025, Hong Kong made history by launching the first spot Bitcoin and Ethereum exchange-traded funds (ETFs) in Asia. Approved by the Securities and Futures Commission (SFC) and supported by major asset managers—ChinaAMC, Harvest Fund, and Bosera Asset Management—these ETFs mark a pivotal step in bridging traditional finance with digital assets.
Designed to track the real-time price of Bitcoin and Ethereum through direct holdings of the underlying cryptocurrencies, these ETFs offer investors a regulated, accessible, and secure way to gain exposure to the crypto market—without managing private keys or navigating complex exchanges.
This development positions Hong Kong as a leading hub for crypto innovation in Asia, aligning with its broader financial strategy to embrace blockchain technology while maintaining strong investor protections.
👉 Discover how spot crypto ETFs are reshaping investment strategies in Asia.
What Are Spot Crypto ETFs?
A spot cryptocurrency ETF is an exchange-traded fund that holds actual Bitcoin or Ethereum tokens—rather than futures contracts or derivatives. Its value closely mirrors the real-time market price of the underlying asset, similar to how gold spot ETFs operate.
Unlike speculative instruments, these ETFs provide direct market exposure, allowing investors to benefit from price appreciation while operating within a regulated framework. Shares can be bought and sold on traditional stock exchanges during trading hours, just like any other equity.
Key benefits include:
- Simplified access for retail and institutional investors
- Enhanced security via professional custody solutions
- Regulatory oversight ensuring transparency and compliance
- Reduced technical barriers compared to self-custody wallets
For many, this model offers the best of both worlds: crypto market participation with the familiarity of conventional investing.
Core Features of Hong Kong’s New Crypto ETFs
Three major asset managers have launched spot crypto ETFs in Hong Kong—each with slight variations in structure, pricing, and service providers. Understanding these differences helps investors make informed decisions.
Launch Date and Initial Pricing
All three ETFs went live on April 30, 2025.
- ChinaAMC and Harvest Fund: Initial offer price set at $1.00 per share
- Bosera Asset Management: Priced based on 0.0001 of the CME CF Bitcoin Index as of 4:00 PM HKT on April 26
This dynamic pricing model ensures alignment with global benchmark prices at launch.
Trading Units and Minimum Requirements
| Feature | ChinaAMC | Harvest Fund | Bosera |
|---|---|---|---|
| Minimum trading lot | 100 shares | 100 shares | 10 shares |
| Minimum creation unit | 10,000 shares | 50,000 shares | 10,000 shares |
Bosera's smaller lot size lowers entry barriers for retail investors, while Harvest’s higher minimum reflects a focus on institutional participation.
Subscription and Redemption Options
All three ETFs support in-kind and cash creation/redemption, meaning authorized participants can exchange baskets of crypto or cash for ETF shares—and vice versa. This dual mechanism enhances liquidity and helps keep the market price close to net asset value (NAV).
Currency Support and Management Fees
- ChinaAMC: Supports USD, HKD, and CNH; charges 0.99% annual management fee
- Harvest Fund: Supports USD and HKD; offers zero fees for the first six months, then 0.3%
- Bosera: Supports USD and HKD; waives fees for first four months, then charges 0.6%
Harvest Fund currently offers the most competitive long-term cost structure.
👉 Compare low-fee crypto investment options available today.
Tracking Index and Custody Structure
All three ETFs track the CME CF Bitcoin Reference Rate (BRR)—a widely recognized index that calculates Bitcoin’s price using a volume-weighted average across major spot exchanges.
This standardization ensures accurate performance replication and reduces manipulation risk.
Primary Custodian
- BOC International Prudential Trust Limited serves as the primary custodian for all three funds, responsible for safeguarding assets and overseeing fund operations.
Sub-Custodians
To manage digital asset storage, each fund uses a licensed crypto custodian:
- ChinaAMC and Harvest Fund: OSL Digital Securities Limited
- Bosera: Hash Blockchain Limited
These firms are licensed under Hong Kong’s Virtual Asset Service Provider (VASP) regime, ensuring regulatory compliance and enhanced security protocols.
Trading Platforms, Market Makers & Authorized Participants
Trading Venues
- ChinaAMC & Harvest Fund: Listed on OSL Exchange
- Bosera: Listed on HashKey Exchange
Both platforms are SFC-licensed virtual asset trading platforms, providing regulated access to spot crypto markets.
Market Makers
Market makers ensure liquidity and tight bid-ask spreads:
- ChinaAMC: Vivienne Court Trading
- Harvest Fund: CMBI Securities, CLSA, and Virtu Financial Singapore
- Bosera: Not yet disclosed
Harvest Fund’s multi-market-maker approach may enhance trading depth.
Authorized Participants (APs)
APs play a crucial role in creating and redeeming ETF shares. Key APs include:
- Victory Securities
- Mirae Asset Securities (HK)
- Edison东方 (Asia) Holdings
- APAC Securities
- Futu Capital Securities
- CMBI Securities (Harvest only)
These institutions help maintain price efficiency by arbitraging discrepancies between ETF market price and NAV.
Audit and Transparency
Independent audits ensure financial integrity:
- ChinaAMC and Harvest Fund: Audited by PwC
- Bosera: Audited by Ernst & Young
Regular audits verify asset holdings, financial statements, and compliance with accounting standards—giving investors confidence in fund accuracy and governance.
Asset Manager Profiles
Understanding the scale and experience of each issuer adds context to their product offerings:
ChinaAMC
- Mainland AUM: $55.7 billion (84 ETFs)
- Hong Kong AUM: $3.6 billion (15 ETFs)
- Strong track record in index products
Harvest Fund
- Mainland AUM: $10.3 billion (42 ETFs)
- Hong Kong AUM: $16 million (4 ETFs)
- Aggressive pricing strategy signals growth ambitions
Bosera Asset Management
- Mainland AUM: $10.7 billion (43 ETFs)
- Hong Kong AUM: $40 million (6 ETFs)
- Focus on innovation with flexible lot sizes
While ChinaAMC leads in scale, Harvest and Bosera are positioning themselves as innovators in the digital asset space.
Frequently Asked Questions (FAQ)
Q: Can mainland Chinese investors buy these ETFs?
A: No. Per SFC and HKMA guidelines from December 2023, these products cannot be marketed to retail investors in mainland China or other restricted jurisdictions.
Q: Do I need to be a Hong Kong resident to invest?
A: Not necessarily. Mainland residents with a Hong Kong ID card may participate if they comply with local regulations and open accounts through approved brokers.
Q: How do I buy shares in these ETFs?
A: Through licensed securities brokers or online trading platforms that support Hong Kong-listed ETFs. Investors must complete KYC procedures.
Q: Are these ETFs backed by real Bitcoin or Ethereum?
A: Yes. These are spot ETFs, meaning they hold actual cryptocurrency reserves held in cold storage by regulated custodians.
Q: Is there counterparty risk?
A: Limited. While custodial and operational risks exist, the use of audited entities, multi-signature wallets, and regulatory oversight significantly reduces exposure.
Q: Will more crypto ETFs launch in Hong Kong?
A: Likely. With growing demand and regulatory clarity, additional issuers—including global players—are expected to enter the market.
👉 Stay ahead of upcoming crypto investment opportunities in regulated markets.
Final Thoughts
The debut of spot Bitcoin and Ethereum ETFs in Hong Kong represents a landmark moment for digital finance in Asia. By combining regulatory rigor with financial innovation, these products offer a trusted gateway into the crypto economy.
Whether you're an experienced investor or new to digital assets, these ETFs provide a streamlined, secure way to diversify your portfolio with exposure to leading cryptocurrencies—without the complexities of direct ownership.
As adoption grows, Hong Kong is poised to become a central node in the global crypto ecosystem—bridging East and West through transparent, compliant financial instruments.
Keywords: spot crypto ETF, Bitcoin ETF Hong Kong, Ethereum ETF, cryptocurrency investment, Hong Kong fintech, regulated crypto products, digital asset ETF