Hong Kong’s first spot cryptocurrency exchange traded funds started trading on Tuesday, as the Asian financial hub takes on the US in the race to dominate the growing market.
The rollout follows the launch of similar products in the US by groups including BlackRock and Fidelity Investments in January, which have drawn billions of dollars of investment and helped push the price of bitcoin to a record high of more than $73,000 in March.
The Hong Kong units of three mainland Chinese asset managers — Bosera Asset Management, Harvest Global Investments and China Asset Management — each launched two ETFs tracking bitcoin and ether prices.
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