An investment firm based in Hong Kong, Victory Securities, has revealed the costs it plans to charge investors for Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs), after these cryptocurrency ETFs were given the green light within the area.
The announcement is made despite the fact that the Hong Kong Securities and Futures Commission (SFC) has not yet disclosed the roster of authorized ETF providers.
The cost for clients of Victory Securities buying Ethereum and Bitcoin ETF shares in the primary market will be between 0.5% and 1% of the entire deal, with a minimum charge set at $850, as mentioned in the excerpt of the report that Wu Blockchain translated and shared on April 20th.
Investors looking to buy or sell pre-owned ETF shares through the secondary market should be aware of the following fees: Online transactions incur a fee of 0.15%, while telephone transactions carry a fee of 0.25%.
The costs are similar to those charged by American Bitcoin ETF providers in the market. Currently, these fees don’t apply until August. Franklin Templeton charges a fee of 0.19%, while other ETFs have fees ranging from 0.20% to 0.90%.
The Grayscale Bitcoin Trust (GBTC) imposes a notably higher fee at 1.5%.
Starting on April 15, CryptoMoon announced that Hong Kong joined the list of countries giving the green light to Exchange-Traded Funds (ETFs) based on Bitcoin and Ether spots.
Three Chinese asset management firms based offshore, which are Harvest Fund Management from Hong Kong, Bosera Asset Management, and China Asset Management (ChinaAMC), intend to introduce Bitcoin and Ether ETFs in the market very soon.
Some people in the cryptocurrency community, even local exchanges in Hong Kong, expressed approval for the ETF and predicted it would succeed. However, others remained uncertain or skeptical about its prospects in the region.
Investors based in Mainland China are unlikely to be permitted to purchase Hong Kong-traded Bitcoin and Ethereum spot ETFs because they’re prohibited from owning virtual assets, according to Eric Balchunas, a Bloomberg ETF analyst, as mentioned in his April 17 post on X.
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2024-04-21 09:06