香港迎來加密貨幣 ETF 實體比特幣和以太幣交易新時代

香港準備於 4 月 30 日推出現貨比特幣和以太幣交易所交易基金 (ETF)，這是全球受監管加密投資產品發展的一個重要里程碑。華夏基金、博時基金和嘉實環球投資這三家中國公司將推出實體ETF，與美國以現金為基礎的ETF不同。儘管推出了這些 ETF，但由於該國的加密貨幣禁令，中國大陸投資者可能會被限制購買這些 ETF。與美國相比，香港的市場規模仍然相對較小，但預計將吸引大量興趣。

Hong Kong Poised to Usher in New Era of Cryptocurrency ETFs with Spot Bitcoin and Ether Trading Debut

香港即將迎來加密貨幣 ETF 新時代，比特幣和以太幣現貨交易首次亮相

On April 30th, Hong Kong is poised to make waves in the financial world with the long-awaited launch of spot Bitcoin and Ether exchange-traded funds (ETFs). This pivotal event marks a significant milestone in the global landscape of regulated cryptocurrency investment products, following the groundbreaking launch of spot Bitcoin ETFs in the United States earlier this year.

4 月 30 日，隨著期待已久的現貨比特幣和以太幣交易所交易基金 (ETF) 的推出，香港即將在金融界掀起波瀾。繼今年稍早在美國開創性推出現貨比特幣 ETF 之後，這一關鍵事件標誌著全球受監管加密貨幣投資產品領域的一個重要里程碑。

As the countdown to the Hong Kong ETF launch draws near, Cointelegraph delves deeper into this highly anticipated event, exploring its key features, potential impact, and implications for investors.

隨著香港 ETF 推出倒數計時的臨近，Cointelegraph 深入研究了這一備受期待的事件，探討其主要特徵、潛在影響以及對投資者的影響。

HKEX: A Hub for Cryptocurrency Futures ETFs

香港交易所：加密貨幣期貨 ETF 中心

The introduction of spot crypto ETFs into the Hong Kong ETF market is not the first foray into cryptocurrency-related products on the Hong Kong Stock Exchange (HKEX). In late 2022, HKEX made its initial foray into crypto ETFs with the launch of the CSOP Bitcoin Futures ETF and the CSOP Ether Futures ETF, both managed by CSOP Asset Management. These ETFs track cash-settled Bitcoin futures contracts and Ether futures contracts traded on the Chicago Mercantile Exchange (CME).

將現貨加密貨幣 ETF 引入香港 ETF 市場並不是香港證券交易所 (HKEX) 首次涉足加密貨幣相關產品。 2022年底，香港交易所首次進軍加密貨幣ETF，推出了南方東英比特幣期貨ETF和南方東英以太期貨ETF，兩者均由南方東英資產管理公司管理。這些 ETF 追蹤在芝加哥商業交易所 (CME) 交易的以現金結算的比特幣期貨合約和以太坊期貨合約。

Samsung Asset Management Hong Kong joined the fray in January 2023 with the launch of the Samsung Bitcoin Futures Active ETF, another futures-based Bitcoin ETF. As of April 29th, 2024, these three futures crypto ETFs on HKEX have accumulated a combined $170 million in assets under management.

三星資產管理香港公司於 2023 年 1 月加入了這場競爭，推出了另一款基於期貨的比特幣 ETF——三星比特幣期貨主動 ETF。截至2024年4月29日，香港交易所的這三隻期貨加密貨幣ETF已累計管理資產總計1.7億美元。

Hong Kong ETFs: A Smaller Market with Potential

香港ETF：規模較小但潛力大的市場

In comparison to the vast ETF market in the United States, the Hong Kong ETF market is relatively smaller. As of March 2024, the U.S. ETF industry boasted 3,457 products with assets worth a staggering $8.9 trillion listed on three exchanges. In contrast, Hong Kong's ETF market is estimated to be worth approximately $50 billion, according to Bloomberg data analyst Jack Wang.

與美國龐大的ETF市場相比，香港ETF市場規模相對較小。截至 2024 年 3 月，美國 ETF 產業擁有 3,457 種產品，在三個交易所上市，資產價值高達 8.9 兆美元。相比之下，根據彭博數據分析師 Jack Wang 稱，香港 ETF 市場的價值估計約為 500 億美元。

Despite its smaller size, Hong Kong's ETF market has witnessed significant growth in recent years. In June 2019, HKEX launched its first active ETF, and by late 2023, had grown to include 24 active ETFs with a combined capitalization of $1 billion. Notably, China's ETF market surpassed $238 billion in 2023, highlighting the potential for growth in the Asia-Pacific region.

儘管規模較小，香港ETF市場近年來卻顯著成長。 2019 年 6 月，香港交易所推出了首支主動 ETF，到 2023 年底，已發展至包括 24 檔主動 ETF，總市值達 10 億美元。值得注意的是，2023年中國ETF市場規模超過2,380億美元，凸顯了亞太地區的成長潛力。

In-Kind Crypto ETFs: A Distinctive Feature

實體加密貨幣 ETF：一個顯著特徵

Hong Kong's spot crypto ETFs will be characterized by a distinct feature that sets them apart from their U.S. counterparts: their in-kind creation and redemption process. Unlike U.S. spot Bitcoin ETFs, which are cash-created, Hong Kong's ETFs will allow intermediaries to provide issuers with actual cryptocurrencies, such as Bitcoin, when creating new ETF shares.

香港的現貨加密貨幣 ETF 將具有與美國同行不同的顯著特徵：其實物創建和贖回流程。與以現金創建的美國現貨比特幣 ETF 不同，香港的 ETF 將允許中介機構在創建新的 ETF 份額時向發行人提供實際的加密貨幣，例如比特幣。

This in-kind approach is expected to differentiate Hong Kong's spot crypto ETFs from their U.S. counterparts, according to Bloomberg's senior ETF analyst Rebecca Sin.

彭博社高級 ETF 分析師 Rebecca Sin 表示，這種實體方式預計將使香港的現貨加密 ETF 與美國同行區分開來。

Hong Kong's Ether ETF: A Global First

香港以太坊ETF：全球首創

In addition to in-kind spot cryptocurrency ETFs, Hong Kong's ETF launch is also notable for introducing the first spot Ether ETF. U.S. securities regulators are anticipated to deny spot Ether ETF applications in May, further delaying the approval of such products.

除了實體現貨加密貨幣ETF外，香港ETF的推出也因推出首隻現貨以太坊ETF而引人注目。預計美國證券監管機構將在 5 月拒絕以太坊 ETF 現貨申請，進一步推遲此類產品的批准。

However, Hong Kong's spot Ether ETF will not be the first of its kind globally. In April 2021, Canadian regulators approved the first Ether futures ETFs, making Canada a pioneer in launching such investment products.

然而，香港的現貨以太坊ETF並不是全球首個此類ETF。 2021年4月，加拿大監管機構批准了第一批以太坊期貨ETF，使加拿大成為推出此類投資產品的先驅。

Limited Access for Mainland China Investors

中國大陸投資者的進入受到限制

While the launch of spot crypto ETFs in Hong Kong has fueled optimism regarding mainland China's stance on cryptocurrency, it is unlikely to translate into immediate investment opportunities for Chinese citizens. Due to China's prohibition on crypto-related activities, mainland Chinese investors are expected to be barred from purchasing Hong Kong's spot crypto ETFs.

儘管在香港推出現貨加密貨幣 ETF 激發了人們對中國大陸對加密貨幣立場的樂觀情緒，但這不太可能轉化為中國公民的直接投資機會。由於中國禁止加密貨幣相關活動，預計中國內地投資者將被禁止購買香港的現貨加密貨幣ETF。

China AMC: A Major Player in the ETF Issuance

華夏基金：ETF發行的主要參與者

Among the three spot crypto ETF issuers in Hong Kong, China AMC stands out as the largest asset management company. With 15 ETFs listed in Hong Kong and $3.6 billion in assets under management, China AMC is poised to play a pivotal role in the upcoming ETF launch.

在香港三大現貨加密貨幣ETF發行人中，華夏基金脫穎而出，成為最大的資產管理公司。華夏基金擁有 15 隻在香港上市的 ETF，管理 36 億美元的資產，預計將在即將推出的 ETF 中發揮關鍵作用。

In a bullish scenario, industry experts anticipate that Hong Kong's spot crypto ETFs could collectively attract $1 billion in assets under management within the first one to two years of operation.

在樂觀的情況下，產業專家預計，香港的現貨加密 ETF 在營運的頭一到兩年內將總共吸引 10 億美元的管理資產。