Hong Kong’s spot Bitcoin exchange-traded funds (ETFs) have crossed the 2 billion Hong Kong dollar mark (approximately $256 million) in assets under management (AUM). This milestone, while significant, reflects a slower pace of growth compared to their counterparts in the United States.
Recent data from SoSo Value shows that the three spot Bitcoin ETFs in Hong Kong saw a net inflow of around 247 BTC over the past week, bringing their total holdings to about 4,450 BTC. The cumulative AUM for these ETFs has now reached approximately HK$2.1 billion ($269 million).
The ETFs managed by China Asset Management and Harvest Asset Management, in partnership with the digital asset trading platform OSL, hold a combined total of over HK$1.3 billion ($167 million) in AUM. Meanwhile, a third spot Bitcoin ETF, which is not affiliated with OSL, manages HK$776 million ($99.5 million), accounting for about 42% of the market share.
Compared to the U.S., Hong Kong investors have fewer options for gaining exposure to Bitcoin, with only three ETFs available against 11 in the U.S. market.
A Slower Start Compared to the U.S.
Despite recent positive inflows, Hong Kong’s spot Bitcoin ETFs have lagged behind U.S. ETFs in terms of performance. When these ETFs launched on April 30, they saw total inflows of $262 million in the first week, with most of that amount subscribed before the listings were live. In contrast, the actual asset inflows during the first week were a modest $14 million, a stark difference from the billions that flowed into U.S. spot Bitcoin ETFs when they debuted in January.
This gap underscores the challenges Hong Kong faces in establishing itself as a leading hub for cryptocurrency investments. Bloomberg ETF analyst Rebecca Sin pointed out,
“The city’s in-kind ETF creation model offers a unique opportunity to increase AUM and trading volume.”
However, she noted that Hong Kong still trails the U.S. market in terms of investor interest and capital inflows.
