On April 29th, the Hong Kong Securities and Futures Commission approved the first issuance of six virtual asset spot currency ETFs under China (Hong Kong), Boshi International, and Jia Shi International, which will officially be listed on the Hong Kong Stock Exchange on April 30th. Zhu Haokang, head of digital asset management and family wealth management at Huaxia (Hong Kong), stated that apart from Grayscale, the remaining 10 American Bitcoin spot ETF issuers had a first-day issuance scale of $125 million on January 10th of this year. The first issuance scale of the three issuers in Hong Kong will exceed this number, with Huaxia Fund having the largest scale among the three. According to Zhu Haokang, the largest asset management company in the United States managed a Bitcoin spot ETF with an initial scale of only $10.45 million on January 10th of this year. By April 25th, the scale of this ETF had soared to $17.2 billion. Compared to the United States, spot ETFs in Hong Kong allow cash and physical purchases or redemptions. Huaxia's ETF is the only one that offers US dollars, Hong Kong dollars, and renminbi, as well as being the only issuer with non-listed shares. Many traditional cryptocurrency investors have actively participated in its IPO phase. Bitcoin miners, investors from areas outside of Hong Kong such as Singapore and the Middle East, and local family offices are all interested in investing in their ETF. Currently, the Bitcoin futures ETF listed in Hong Kong and the upcoming Bitcoin spot ETF are two different investment tools. The former invests in Bitcoin futures contracts, while the latter directly holds Bitcoin, making the spot ETF closer to the actual market price of Bitcoin. Due to the impact of rolling costs on futures ETFs, there is a tracking error in price tracking. Zhu Haokang also mentioned that the tracking deviation of Bitcoin futures ETFs rapidly expanded in the first quarter of 2023 to 2024, with nearly a 60% tracking deviation for the Bitcoin futures ETF listed in Hong Kong during that period. This means that investors holding futures ETFs earned nearly 60% less than those holding Bitcoin spot. He believes that after the spot ETF is listed, it will attract many existing futures ETF investors to convert. When asked whether Mainland Chinese investors can invest in Bitcoin and Ethereum spot ETFs after opening a Hong Kong stock account, Zhu Haokang stated that currently qualified investors, institutional investors, retail investors, and eligible international investors in Hong Kong can all invest in cryptocurrency spot ETFs. Currently, investors from Mainland China cannot invest, but the company will continue to monitor whether there will be regulatory adjustments or specific regulatory frameworks in the future. Huaxia (Hong Kong) stated that following the issuance of spot Bitcoin ETFs in the United States, the Hong Kong market is about to become the first market in Asia to issue spot Bitcoin and Ethereum ETFs, and cryptocurrency ETFs are expected to be increasingly recognized by the market in the future. As more and more investors participate widely in cryptocurrency investments, the mainstream assets of the new economic era, such as Bitcoin and Ethereum, may be just around the corner. Analysts predict that the assets under management of Hong Kong spot Bitcoin and Ethereum ETFs could reach $1 billion in the future, but whether this goal can be achieved may depend on the speed of improvement of infrastructure and ecosystem.