ETF issuers, namely Harvest Global Investments, China Asset Management (ChinaAMC), and Bosera Asset Management (International), plan to launch Bitcoin and Ethereum spot ETFs, which are innovative products leading the global financial market. Among the few participating dealers in this batch of ETFs issuance, Victory Securities is the first and only securities firm in history that offers in-kind subscription for both Ethereum and Bitcoin spot ETFs. In addition to cash subscription, customers can now create ETF units in primary market by depositing virtual assets via Victory Securities' token-in-token-out solution.
This virtual asset spot ETF has been a ground-breaking product in the global financial market. Currently, the United States stock markets only supports Bitcoin spot ETFs, and it only allows fiat subscription and redemption. In Hong Kong, only qualified professional investors are eligible to invest into US Bitcoin spot ETFs. This makes a huge difference when we compared to the Bitcoin and Ethereum spot ETFs in Hong Kong. The approved ETFs in Hong Kong can support both in-cash and in-kind creation and redemption, allowing investors to directly subscribe to and redeem ETFs using Bitcoin or Ethereum. Hong Kong VA spot ETFs involve VA dealing, conducting in-kind creation through Victory Securities can significantly shorten the transaction processing time between broker-dealer and banks. The cut-off time for in-kind creation is also later than that for in-cash creation, providing customers with a wider time window for making investment decisions. Victory Securities has also recently developed an APP and web-based portal named "VictoryX" and will provide the function of creation and redemption for the VA spot ETF units, offering a more convenient and efficient trading services to clients.
In mid-April, Victory Securities announced the launch of the first securities and virtual asset trading APP in Hong Kong, which will also support the deposit and withdrawal of virtual assets by the end of the month, making it the only broker-dealer in Hong Kong with a token-in-token-out solution. Mr. Kennix Chan, Executive Director of Victory Securities, said, "Among Asian markets, we can see that only Hong Kong has a full scale regulatory framework for virtual assets and both the government and regulator simultaneously supports the issuance of VA spot ETFs. In-kind creation and redemption of these ETFs will soon become one of the market's major trend. Victory Securities is honored to play a significant role in this milestone in the development of the virtual asset market in Hong Kong. As a leading virtual asset securities firm, Victory Securities continues to collaborate with the industry to provide innovative products and allocation solutions to investors, leading the industry into a new era of virtual asset investment." In addition to providing in-kind and in-cash creation and redemption services, Victory Securities also allows investors to trade the ETFs through our securities accounts after its listing, providing an all-rounded, secure, reliable, and convenient channel for virtual asset investment.
The market size of Bitcoin spot ETFs in the United States has experienced explosive growth in a short period of time, with net inflows reaching billions of US dollars. Victory Securities expects that with the listing of virtual asset spot ETFs in Hong Kong, virtual assets will seamlessly integrate with traditional finance. Retail investors and institutional fund managers in the Asia-Pacific region will now have one more channel to enter the virtual asset space through Bitcoin and Ethereum spot ETFs. This is a great opportunity for Hong Kong to become the world's second-largest market for virtual asset ETFs or even the second-largest ETF market.
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About Victory Securities
Victory Securities (stock code: 8540.HK), with over 50 years of history, is a comprehensive full-licensed securities firm licensed by the Securities and Futures Commission, with regulated activities under Type 1, Type 2, Type 4, Type 6, and Type 9. Investors can enjoy Victory Securities' comprehensive financial services, including Hong Kong and global securities trading, first and second market securities financing, corporate financing (capital markets and bond capital markets), wealth management in various fields. In 2023, Victory Securities became the first and currently only licensed entity in Hong Kong to hold virtual asset trading, advisory, and asset management service licenses issued by the Securities and Futures Commission.
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