Alex Dovnya
Hong Kong currently has an Ethereum ETF, but it is unlikely to be approved in the US
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Hong Kong Securities and Futures Commission officially approved Several spot Bitcoin and Ethereum exchange traded fund (ETF) applications.
Hashkey, Vocera Capital and China Asset Management are among the issuers that have received regulatory consent.
According to data from CoinGecko, Ethereum price has increased by more than 5% in the past 24 hours. Bitcoin is up nearly 3%.
Bloomberg reported last week that the product is expected to be given the green light in Hong Kong on April 15.
What about the US?
Multiple spot Bitcoin ETFs were approved in the US in January. BlackRock's product ultimately became a record-breaking success story, and in less than two months he amassed assets worth $10 billion.
as U.Today reportedBlackRock's IBIT has now managed to overtake veterans like the iShares MSCI Japan ETF (EWJ) in virtually no time.
Although BlackRock and other major companies also applied to launch spot Ethereum ETFs last year, the U.S. Securities and Exchange Commission has so far been reluctant to approve such products.
There was significant political backlash aimed at blocking future approval of ETFs related to other cryptocurrencies. Additionally, the SEC is reportedly working on classifying Ethereum as a security.
Last month, Robert Mitchnick, head of digital assets at BlackRock, said: low demand Bitcoin remains the main focus for Ethereum.
However, the recognition of the largest altcoins as securities does not necessarily preclude the launch of spot ETFs. according to BlackRock boss Larry Fink.
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Alex Dovnya
