香港迎来加密货币 ETF 实物比特币和以太币交易新时代

香港准备于 4 月 30 日推出现货比特币和以太币交易所交易基金 (ETF)，这是全球受监管加密投资产品发展的一个重要里程碑。华夏基金、博时基金和嘉实环球投资这三家中国公司将推出实物ETF，与美国基于现金的ETF不同。尽管推出了这些 ETF，但由于该国的加密货币禁令，中国大陆投资者可能会被限制购买这些 ETF。与美国相比，香港的市场规模仍然相对较小，但预计将吸引大量兴趣。

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

香港即将迎来加密货币 ETF 新时代，比特币和以太币现货交易首次亮相

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，随着期待已久的现货比特币和以太币交易所交易基金 (ETF) 的推出，香港即将在金融界掀起波澜。继今年早些时候在美国开创性推出现货比特币 ETF 之后，这一关键事件标志着全球受监管加密货币投资产品领域的一个重要里程碑。

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.

随着香港 ETF 推出倒计时的临近，Cointelegraph 深入研究了这一备受期待的事件，探讨其主要特征、潜在影响以及对投资者的影响。

HKEX: A Hub for Cryptocurrency Futures ETFs

香港交易所：加密货币期货 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).

将现货加密货币 ETF 引入香港 ETF 市场并不是香港证券交易所 (HKEX) 首次涉足加密货币相关产品。 2022年底，香港交易所首次进军加密货币ETF，推出了南方东英比特币期货ETF和南方东英以太期货ETF，两者均由南方东英资产管理公司管理。这些 ETF 追踪在芝加哥商业交易所 (CME) 交易的以现金结算的比特币期货合约和以太坊期货合约。

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.

三星资产管理香港公司于 2023 年 1 月加入了这场竞争，推出了另一款基于期货的比特币 ETF——三星比特币期货主动 ETF。截至2024年4月29日，香港交易所的这三只期货加密货币ETF已累计管理资产总计1.7亿美元。

Hong Kong ETFs: A Smaller Market with Potential

香港ETF：规模较小但潜力巨大的市场

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.

与美国庞大的ETF市场相比，香港ETF市场规模相对较小。截至 2024 年 3 月，美国 ETF 行业拥有 3,457 种产品，在三个交易所上市，资产价值高达 8.9 万亿美元。相比之下，据彭博社数据分析师 Jack Wang 称，香港 ETF 市场的价值估计约为 500 亿美元。

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.

尽管规模较小，香港ETF市场近年来却出现显着增长。 2019 年 6 月，香港交易所推出了首只主动 ETF，到 2023 年底，已发展至包括 24 只主动 ETF，总市值达 10 亿美元。值得注意的是，2023年中国ETF市场规模超过2380亿美元，凸显了亚太地区的增长潜力。

In-Kind Crypto ETFs: A Distinctive Feature

实物加密货币 ETF：一个显着特征

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.

香港的现货加密货币 ETF 将具有与美国同行不同的显着特征：其实物创建和赎回流程。与以现金创建的美国现货比特币 ETF 不同，香港的 ETF 将允许中介机构在创建新的 ETF 份额时向发行人提供实际的加密货币，例如比特币。

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.

彭博社高级 ETF 分析师 Rebecca Sin 表示，这种实物方式预计将使香港的现货加密 ETF 与美国同行区分开来。

Hong Kong's Ether ETF: A Global First

香港以太坊ETF：全球首创

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.

除了实物现货加密货币ETF外，香港ETF的推出还因推出首只现货以太坊ETF而引人注目。预计美国证券监管机构将在 5 月份拒绝以太坊 ETF 现货申请，进一步推迟此类产品的批准。

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，香港的现货以太坊ETF并不是全球首个此类ETF。 2021年4月，加拿大监管机构批准了第一批以太坊期货ETF，使加拿大成为推出此类投资产品的先驱。

Limited Access for Mainland China Investors

中国大陆投资者的准入受到限制

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.

尽管在香港推出现货加密货币 ETF 激发了人们对中国大陆对加密货币立场的乐观情绪，但这不太可能转化为中国公民的直接投资机会。由于中国禁止加密货币相关活动，预计中国内地投资者将被禁止购买香港的现货加密货币ETF。

China AMC: A Major Player in the ETF Issuance

华夏基金：ETF发行的主要参与者

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.

在香港三大现货加密货币ETF发行人中，华夏基金脱颖而出，成为最大的资产管理公司。华夏基金拥有 15 只在香港上市的 ETF，管理着 36 亿美元的资产，有望在即将推出的 ETF 中发挥关键作用。

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.

在乐观的情况下，行业专家预计，香港的现货加密 ETF 在运营的头一到两年内将总共吸引 10 亿美元的管理资产。