Harvest Fund and Southern Fund, both located in Hong Kong and each managing assets worth more than $200 billion, filed requests on Monday to offer the funds, Bitcoin 
BTC
+2.25%
Magazine reported, citing the state-owned Securities Times. Due to severe restrictions on cryptocurrency trading and mining, asset managers cannot offer ETFs in mainland China.
The news follows reports that Harvest Fund’s Hong Kong arms had submitted an application for a spot bitcoin ETF in January.
Crypto investors have waited months for spot bitcoin ETFs’ debut in the Hong Kong market. Last year, the Hong Kong Monetary Authority and the Securities and Futures Commission said they would accept applications for the crypto-based ETFs. The funds’ rollouts would allow Hong Kong investors to gain exposure to bitcoin.
In 2022, Harvest Fund Management’s business arm in Hong Kong launched a futures crypto ETF.
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About Author
Elizabeth Napolitano is a data reporter covering business and technology news, with a focus on cryptocurrencies. Prior to joining The Block, Elizabeth reported on BigTech, AI, crypto and videogames for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs and U.S. courts. She holds an MA in Journalism from CUNY. Follow her on X: @LizKNapolitano