The recent surge in Bitcoin’s price has ignited a rally in Hong Kong-listed cryptocurrency-related stocks and ETFs, signaling renewed investor confidence in digital assets. Among the top performers, OSL Group (00863.HK) climbed 15.32%, OKLink (01499.HK) surged over 20%, and Hashkey Technology Holdings (01611.HK) gained 6.15%. This momentum reflects growing market optimism driven by macro developments, regulatory progress in Hong Kong, and increasing institutional interest in crypto.
Cryptocurrency-Linked Stocks Rally Amid Market Momentum
The surge in crypto-linked equities is directly tied to Bitcoin’s strong performance. On October 29, Bitcoin briefly touched $74,160.50 before settling at $71,045 — a 2.04% gain on the day. This upward movement has reignited investor appetite for exposure to blockchain and digital asset companies listed on the Hong Kong Stock Exchange.
Companies like OSL Group, a leading digital asset platform offering institutional-grade trading and custody services, have benefited from increased trading volumes and broader market participation. Similarly, OKLink — known for its blockchain explorer and enterprise solutions — saw significant investor inflows, reflecting confidence in infrastructure-level blockchain innovation.
Hashkey Technology, another key player offering compliant exchange and asset issuance services under Hong Kong’s regulatory framework, also posted solid gains, underscoring market recognition of regulated digital asset ecosystems.
These movements highlight a shift: investors are no longer just betting on Bitcoin itself but are increasingly allocating capital to regulated, transparent, and compliant crypto-adjacent businesses with real revenue models.
ETFs Track Gains as Institutional Demand Rises
Parallel to the stock rally, cryptocurrency-linked ETFs in Hong Kong also posted notable gains:
- Harvest Ether ETF (03179.HK): +4.27%
- Harvest Bitcoin ETF (03439.HK): +4.17%
- Bosera Bitcoin ETF (03008.HK): +4.07%
These products offer retail and institutional investors regulated access to Bitcoin and Ethereum without the complexities of self-custody or exchange risk. Their rising popularity indicates growing comfort with crypto as an investable asset class within traditional finance frameworks.
As more asset managers launch digital asset products, the liquidity and depth of Hong Kong’s crypto ETF market are expected to expand further — especially with upcoming index launches from the Hong Kong Exchanges and Clearing (HKEX).
HKEX to Launch Virtual Asset Index Series in November
A major catalyst for long-term growth is the Hong Kong Exchange's announcement to launch its Virtual Asset Index Series on November 15, 2024. This initiative aims to establish benchmark pricing for digital assets and solidify Hong Kong’s position as a leading hub for virtual asset finance in Asia.
The index series will include:
- Reference price indices for Bitcoin and Ethereum
- Settlement exchange rates for financial product valuation
These indices will be calculated using a volume-weighted average price (VWAP) model based on real-time data from multiple major global crypto exchanges. Prices will be updated continuously in USD, ensuring transparency and reliability.
The settlement rates, updated daily at 4:00 PM HKT, will support futures contracts, ETFs, and other structured products — making it easier for institutions to manage risk and develop new offerings.
This move aligns with Hong Kong’s broader strategy to build a comprehensive digital asset ecosystem supported by clear regulation, trusted infrastructure, and market-driven innovation.
Regulatory Progress Accelerates Market Confidence
Hong Kong’s regulatory environment continues to evolve rapidly. Financial Secretary Paul Chan Mo-po recently confirmed that since the release of the city’s digital asset policy宣言 two years ago, significant progress has been made:
- Implementation of licensing requirements for virtual asset trading platforms
- Three operators currently licensed (including OSL)
- More licenses expected before year-end
- Ongoing legislative efforts to strengthen investor protection and market integrity
Additionally, the Securities and Futures Commission (SFC) is forming a Virtual Asset Trading Platform Consultation Panel, set to launch in early 2025. Comprising representatives from licensed platforms, this group will ensure that regulators hear directly from industry stakeholders when shaping future policies.
This collaborative approach enhances regulatory clarity and fosters trust — critical factors for attracting global capital into Hong Kong’s digital asset markets.
👉 Learn how regulated crypto markets are shaping the future of finance in Asia.
Market Outlook: What’s Driving Future Price Expectations?
Wall Street analysts are increasingly bullish on Bitcoin’s trajectory ahead of the U.S. presidential election. Some projections suggest:
- A Trump victory, especially with Republican control of Congress, could push Bitcoin above $75,000 on Election Day**, potentially reaching **$125,000 by year-end due to favorable regulatory expectations.
- A Harris-led Democratic win might trigger short-term volatility or a pullback, but even under this scenario, Bitcoin could still reach around $75,000 by December, supported by macroeconomic factors like inflation hedging and institutional adoption.
These forecasts reflect growing recognition of Bitcoin as both a speculative asset and a strategic hedge against economic uncertainty.
Frequently Asked Questions (FAQ)
Q: Why are Hong Kong crypto stocks rising?
A: The rise is primarily driven by surging Bitcoin prices, improved market sentiment, regulatory clarity in Hong Kong, and increasing institutional interest in compliant digital asset platforms.
Q: What is the significance of the HKEX Virtual Asset Index Series?
A: It provides transparent benchmark pricing for Bitcoin and Ethereum, enabling the development of new financial products like ETFs and futures while reinforcing Hong Kong’s role as an Asian crypto hub.
Q: Are Hong Kong crypto ETFs safe for retail investors?
A: Yes, these ETFs are regulated by the SFC, offer exposure without custody risks, and are backed by physically held assets — making them a secure entry point for retail participation.
Q: When will more crypto trading licenses be issued in Hong Kong?
A: Financial Secretary Paul Chan expects additional licenses to be granted before the end of 2025, with ongoing legislative support to strengthen the regulatory framework.
Q: How does U.S. election uncertainty affect Bitcoin?
A: Political outcomes influence regulatory expectations. A pro-crypto administration may accelerate adoption, while uncertainty can cause short-term dips — though long-term fundamentals remain strong.
Q: Can I invest in Hong Kong crypto stocks from overseas?
A: Yes, many international brokers provide access to Hong Kong-listed equities, including crypto-related firms like OKLink and OSL Group.
Final Thoughts: A New Era for Digital Assets in Asia
The confluence of rising Bitcoin prices, advancing regulation, and institutional-grade infrastructure signals a maturing market. Hong Kong is positioning itself as a bridge between traditional finance and the digital asset economy — one where innovation meets compliance.
As more investors seek diversified exposure to blockchain technology and decentralized finance, opportunities are expanding beyond direct coin ownership into equities, ETFs, and regulated platforms.
👉 Explore how global markets are integrating Bitcoin into mainstream investment strategies.
With continued policy support and product innovation expected through 2025 and beyond, the foundation is being laid for sustained growth across Asia’s digital asset landscape.
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