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Hong Kong’s New Spot Bitcoin and Ethereum ETFs: 1st Week Analysis

Last week, three Hong Kong issuers, China Asset Management, Bosera Asset Management, and Harvest Global Investments, launched their products in the Hong Kong market. The development reflects the city-state’s interest to participate in the global crypto ETF race. The crypto ETF market is presently dominated by the West, primarily the United States. As the East, especially China, steps into this race, it opens a new arena for direct competition between the US and China. Let’s analyse the performance of these three ETFs to understand how successful they have become so far in turning the wave in favour of the East.

1. China Asset Management ETFs General Analysis 

ChinaAMC Bitcoin ETF, and ChinaAMC ETHER ETF are the two products launched on 30th April, 2024 by the issuer China Asset Management (Hong Kong) Limited.

ETFs Premium/DiscountOn 3rd, May  Price Price Change  AUM Volume  Turnover 
CAM BTC -0.10% HK$8.085 +8.89% HK$970.64M 3.13M HK$25.14M
CAM ETH -0.47% HK$7.770 +6.95% HK$164.96M 491.40K HK$3.78M
Hong Kong’s New Spot Bitcoin and Ethereum ETFs: 1st Week Analysis

The price of CAM BTC on 30th April, the day of listing, was HK$7.95; that day it had a premium of 0.06%. Though on 1st May, its price slipped to HK$7.25, it had a premium of 0.17%. On 2nd May, its price slightly climbed to HK$7.43, it had a discount of -0.10%. Now, it costs around HK$8.085 and marks a change of +8.89%.

CAM ETH’s price on the day of listing, 30th April, 2024, was HK$7.77. That day, it had a premium of 0.08%. On 1st May, its price decreased to HK$7.18, but it had a premium of 0.14%. On 3rd of May, though it saw a slight increase in price, it had a discount of -0.47%. Now, its price is HK$7.770, and it snows a positive change of +6.95%.   

2. Bosera Asset Management ETFs General Analysis  

Bosera Hashkey Bitcoin ETF and Bosera Hashkey Ether ETF  are the two products launched on 30th April, 2024 by the issuer Bosera Asset Management (International Co., Limited.

ETFs Premium/DiscountOn 3rd, May Price Price Change  AUM Volume  Turnover 
BOS HSK BTC -0.01% HK$50.420 +8.80% HK$472.71M 248.75K HK$12.47M
BOS HSK ETH -0.47% HK$24.820 +7.08% HK$111.78M 104.62K HK$2.56M

On the day of listing, on 30th April 2024, the price of BOS HSK BTC was around HK$49.58, and it had a premium of 0.07%. On 2nd May, the price slipped to HK$45.12, but it had a premium of 0.03%. On 3rd May, even though its price reached HK$46.34, it had a discount of -0.01%. At present, its price is HK$50.420 and it records a positive change of +8.80%.  

On the day of listing, on 30th April 2024, the price of BOS HSK ETH was HK$24.80. At that time, it had a premium of 0.13%. On 2nd May, it saw a drop. The price fell to HK$22.90, but it had a premium of 0.18%. On 3rd May, it had a discount of -0.47%, though its price slightly improved and touched HK$23.18. At this moment, its price is HK$24.820, and it registers a positive change of +7.08%.    

3. Harvest Global Investments ETFs General Analysis 

Harvest Bitcoin Spot ETF and Harvest Ether Spot ETF are the two products launched on 30th April 2024 by the issuer Harvest Global Investments Limited.

ETFs Premium/DiscountOn 2nd, May Price Price Change  AUM Volume  Turnover 
HGI BTC +0.07% HK$8.095 +8.73% HK$513.30M 1.66M HK$13.33M
HGI ETH +0.07% HK$7.790 +6.86% HK$102.48M 405.70K HK$3.13M

On the day of listing, the price of HGI BTC was HK$7.95. Notably, unlike most ETFs launched that day, on the listing day, it had a discount of -0.13%. On 2nd May 2024, its price was slightly reduced to HK$7.27, but it had a premium of 0.07%. At present, its price is HK$8.095, far higher than its listing price. It records a positive change of +8.73%.

The listing price of HGI ETH was HK$7.77. Similar to HGI BTC, on the listing day, HGI ETH had a discount of -0.26%. On the 2nd of May 2024, its price reached as low as HK$7.20. Notably, on that day, it had a premium of +0.07%. At this juncture, its price is HK$7.790, slightly better than its listing price. It showcases a positive change of +6.86%.    

Endnote 

The debut of spot Bitcoin and Ethereum ETFs in Hong Kong signifies a strategic expansion of the Crypto ETF market beyond Western boundaries. The varied performance of ETFs from China Asset Management, Bosera Asset Management, and Harvest Global Investments during the first week reflects a dynamic and evolving landscape. With price fluctuations, premiums, and discounts noted, these ETFs offer insights into investor sentiment and market trends in the East. As Hong Kong strengthens its position in the global crypto ecosystem, its success could pave the way for broader acceptance and innovation in cryptocurrency investment, potentially challenging the dominance of Western markets. 

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