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Venture Smart Financial Holdings Ltd (VSFG) is planning to file for a spot Bitcoin ETF (exchange-traded fund) in Hong Kong, Bloomberg reported.

The financial service company plans to launch this product in the first quarter of this year, though it has yet to file an application with the Securities and Futures Commission (SFC), the news wire said.

Hong Kong Wants To Be Asia’s Crypto Hub

Late last year, the SFC said it was ready to start accepting applications for spot crypto ETFs amid plans to carve out a niche as as Asia’s crypto hub. It also shared a circular on the requirements needed for firm to get approval for such products.

VSFG executive Brian Chan believes that the local spot crypto ETF market has huge potential. As such, the firm plans to reach $500 million in assets under management by the end of this year.

VSFG is approved by the SFC as a virtual asset manager, which increases the chance of the ETF application gaining swift approval.

According to Bloomberg, four other asset managers are also interested in listing spot crypto ETFs in Hong Kong.

Huge Success For Spot Bitcoin ETF Products In The US

The recently launched spot BTC ETFs in the US have been a huge success. Bitcoin is now the second-largest ETF commodity in the US by assets under management (AUM).

Spot Bitcoin ETFs currently hold 647,285 BTC worth over $27 billion. In comparison, US funds holding silver have an AUM of $11.5 billion. Gold ETFs have the highest AUM of over $96 billion.

Spot Bitcoin ETFs posted a 34% increase in volumes on day five of trading to surpass $1 billion in net flows.

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