Hong Kong’s Yeebo Financial: Plans to Submit Ether Spot ETF Application in Q2

Hong Kong's Yeebo Financial: Plans to Submit Ether Spot ETF Application in Q2

Hong Kong's Yeebo Financial: Plans to Submit Ether Spot ETF Application in Q2

Lawrence Chu, Chairman of the financial services company VSFG based in Hong Kong, stated in an interview with The Block this week that the company’s application for a Bitcoin spot ETF submitted to the Securities and Futures Commission (SFC) of Hong Kong has entered its final stage. He claimed that if their Bitcoin ETF is approved and listed in the first quarter, the company will further submit an application for an Ethereum spot ETF in the second quarter.

However, Lawrence Chu emphasized that this is only the company’s current plan and the actual outcome will still depend on discussions between the company and regulatory authorities.

Since the approval of spot ETFs in the United States, the Hong Kong region, which has a positive attitude towards cryptocurrencies, has also begun actively promoting related products. Livio Weng, the Chief Operating Officer of the Hong Kong-based cryptocurrency exchange HashKey, stated last month that approximately 10 fund companies are considering launching potential cryptocurrency spot ETFs in the region.

However, Lawrence Chu believes that due to the unique market positioning of VSFG, this is not a competitive threat to the company. Lawrence Chu stated, “VSFG is the first digital asset manager approved by the SFC in Hong Kong, dedicated to combining traditional asset management with the future of finance and providing services such as digital wealth management and asset tokenization.”