Venture Smart Financial Holdings Targets Spot Ethereum ETF Following Bitcoin Endeavor!

Key Points:

• Hong Kong’s VSFG plans to apply for a spot Ethereum ETF, concurrent with its pursuit of a spot bitcoin ETF in Q1.
• VSFG Chairman, Lawrence Chu, reveals the firm’s advanced stage in submitting the spot bitcoin ETF application to the Hong Kong Securities and Futures Commission.
• Amid the rise of spot crypto ETF interest in Hong Kong, VSFG positions itself as a service provider, anticipating a competitive landscape among asset manager

Venture Smart Financial Holdings Ltd. (VSFG), based in Hong Kong, is gearing up to apply for a spot Ethereum exchange-traded fund (ETF) while simultaneously pursuing approval for its spot bitcoin ETF in Q1.

VSFG Chairman Lawrence Chu revealed that the firm is in the final stages of submitting the spot bitcoin ETF application to the Hong Kong Securities and Futures Commission.

Chu emphasized the extensive regulatory discussions preceding the application submission in Hong Kong, signaling the firm’s progress. The chairman expressed confidence in targeting a Q2 submission for a spot Ethereum ETF, contingent upon the approval and listing of the spot bitcoin ETF in Q1. However, Chu acknowledged the regulatory dialogue’s influence, stating, “That really depends on the conversation we have with the regulator. We will be ready.”

Venture Smart Financial Holdings’ Ambitious ETF Plans Unveiled

The move aligns with the growing interest in spot crypto ETFs in Hong Kong, with around 10 fund companies exploring potential launches. The anticipation of increased competition may lead to a fee race among asset managers, mirroring trends observed in the U.S. VSFG, recognizing its unique position, aims to assist ETF issuers entering the space, leveraging its expertise as a service provider rather than participating in direct competition.

Chu highlighted the distinction between U.S. and Hong Kong ETF issuers, citing a knowledge gap in digital assets among the latter. He explained, “It becomes less of a competition for us, but rather it’s competition between ETF issuers on their marketing side.”