Harvest Global has submitted an application for a spot Bitcoin exchange-traded fund (ETF) to the Hong Kong Securities and Futures Commission (SFC), Tencent News reported

A spot Bitcoin ETF, if approved, would allow investors to trade shares of the fund on a traditional stock exchange, with the shares directly linked to the actual price of Bitcoin, the world’s largest cryptocurrency by market capitalization. This ETF would provide a regulated investment vehicle for both retail and institutional investors, potentially attracting a new wave of participants to the crypto market.

The move by investment management firm Harvest Global comes at a time when Hong Kong is positioning itself as a more crypto-friendly jurisdiction. 

The application was filed amid growing interest in cryptocurrency investment products that offer exposure to digital assets without the need for investors to hold the assets directly. 

In the U.S., the Securities and Exchange Commission approved 11 spot Bitcoin ETF applications earlier this month, allowing the funds to start trading for the first time in the world’s largest economy. 

BlackRock, the world’s largest asset manager, became the first of the 11 Bitcoin ETFs to cross US$2 billion in assets under management since the funds launched.