The launch of spot Bitcoin and Ethereum ETFs in Hong Kong marks a pivotal moment for digital asset investment in Asia. On April 30, 2025, three leading asset managers—China Asset Management (Harvest), Harvest Fund, and Bosera Asset Management—officially debuted their virtual asset ETFs, offering investors a regulated and accessible way to gain exposure to cryptocurrency markets. These ETFs track the price of Bitcoin and Ethereum through direct holdings of the underlying assets, similar to how gold spot ETFs operate.
Designed for both institutional and retail investors in Hong Kong, these products simplify crypto investing by eliminating the need for private key management, wallet security, or direct exchange trading. Instead, investors can buy and sell shares on traditional stock exchanges, benefiting from professional fund management, enhanced transparency, and built-in risk controls.
While all three ETFs share core features—such as support for cash and in-kind subscriptions and redemptions—key differences in pricing, fees, trading structure, and service providers can significantly impact investor decisions. Let’s break down each provider’s offering to help you determine which might align best with your investment strategy.
Key Launch Details: Unified Listing with Divergent Pricing
All three ETFs went live on April 30, 2025, creating a synchronized entry point into Hong Kong’s spot crypto ETF market. However, their initial pricing models differ:
- China Asset Management (Harvest) and Harvest Fund set their initial offering price at $1.00 per share.
- Bosera Asset Management adopted a dynamic pricing model based on the CME CF Bitcoin Reference Rate (BRR) as of 4:00 PM Hong Kong time on April 26, 2025, with each share priced at 0.0001 times the index value.
This means Bosera’s ETF starts with a price more closely tied to real-time Bitcoin valuation, while Harvest and China Asset use a standardized unit price for simplicity.
Trading and Subscription Structures
Understanding the mechanics of buying and redeeming shares is crucial for both retail and institutional investors.
Minimum Trade Size (Per Lot)
- China Asset Management: 100 shares per lot
- Harvest Fund: 100 shares per lot
- Bosera Asset Management: Only 10 shares per lot, making it more accessible for smaller investors
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Minimum Creation Unit (For Institutional Investors)
- China Asset Management: 10,000 shares
- Bosera Asset Management: 10,000 shares
- Harvest Fund: Requires a larger block of 50,000 shares
This indicates Harvest Fund is targeting larger institutional players, while Bosera’s lower lot size supports broader retail participation.
All three allow cash or physical cryptocurrency for creation and redemption of ETF shares, enhancing flexibility for different investor types.
Fees, Currencies, and Index Tracking
Management Fees
Fees play a major role in long-term returns:
- China Asset Management: Flat 0.99% annual fee
- Harvest Fund: 0% for the first six months, then drops to 0.3%—one of the most competitive rates
- Bosera Asset Management: No fee for the first four months, followed by 0.6%
Harvest Fund’s aggressive pricing strategy could attract cost-sensitive investors during the early adoption phase.
Supported Trading Currencies
- China Asset Management: USD, HKD, and CNY—the only one offering renminbi trading
- Harvest Fund & Bosera: USD and HKD only
The inclusion of CNY may appeal to mainland-linked investors seeking yuan-denominated exposure.
Benchmark Index
All three ETFs track the CME CF Bitcoin Reference Rate (BRR), a globally recognized benchmark that calculates Bitcoin’s price using a volume-weighted average across major exchanges. This ensures accurate alignment with real-world Bitcoin market performance.
Custody and Security: Who Holds the Coins?
Secure custody is critical for crypto ETFs. All three funds use BOC International (UK) Limited as the primary custodian, ensuring high regulatory standards.
However, they differ in their choice of sub-custodians, which handle digital asset storage:
- China Asset Management & Harvest Fund: Use OSL Digital Securities, a licensed and insured digital asset platform in Hong Kong
- Bosera Asset Management: Partners with Hash Blockchain, another trusted local custodian
These choices reflect different risk management philosophies but maintain compliance with Hong Kong Securities and Futures Commission (SFC) requirements.
Trading Infrastructure: Exchanges, Market Makers & APs
Virtual Asset Trading Platforms
- China Asset Management & Harvest Fund: Trade via OSL Exchange
- Bosera Asset Management: Uses HashKey Exchange, another SFC-licensed platform
Both exchanges are regulated, ensuring secure execution environments.
Market Makers
Market makers ensure liquidity and tight bid-ask spreads:
- China Asset Management: Vivienne Court Trading
- Harvest Fund: Multiple high-profile firms—CMBI Securities (HK), CLSA, and Virtu Financial Singapore
- Bosera Asset Management: Not yet disclosed
Harvest Fund’s multi-market maker setup likely offers superior liquidity from day one.
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Authorized Participants (APs)
APs facilitate the creation and redemption of ETF shares. Major players involved include:
- China Asset Management & Harvest Fund: Victory Securities, Mirae Asset Securities (HK), Everbright Securities (Asia), APAC Capital, and Webull Capital
- Harvest Fund additionally includes: CMBI Securities (HK)
A robust AP network helps maintain price stability between the ETF and its net asset value (NAV).
Audit Transparency: Independent Oversight
To ensure financial integrity:
- China Asset Management & Harvest Fund: Audited by PwC
- Bosera Asset Management: Audited by Ernst & Young
Both are globally respected audit firms, providing investor confidence in fund reporting accuracy.
AUM & Market Presence: Who’s the Industry Leader?
While all three are established names in China’s asset management space, their scale varies significantly:
| Firm | Mainland AUM | Mainland ETFs | Hong Kong AUM | Hong Kong ETFs |
|---|---|---|---|---|
| China Asset Management | $55.7B | 84 | $3.6B | 15 |
| Harvest Fund | $10.3B | 42 | $16M | 4 |
| Bosera Asset Management | $10.7B | 43 | $40M | 6 |
China Asset Management dominates in scale and experience, especially in Hong Kong’s ETF market. However, Bosera and Harvest show strong regional ambition despite smaller footprints.
Frequently Asked Questions (FAQ)
Q: Can mainland Chinese investors buy these Hong Kong crypto ETFs?
A: No. According to SFC and HKMA guidelines from December 2023, these products cannot be marketed to retail investors in mainland China or other restricted jurisdictions.
Q: Do I need to be a Hong Kong resident to invest?
A: Not necessarily. Mainland residents with a Hong Kong ID and compliant brokerage account can participate under current regulations.
Q: How do I buy these ETFs?
A: Through licensed Hong Kong brokers that support trading on the Stock Exchange of Hong Kong (SEHK), where the ETFs are listed.
Q: Are these ETFs backed by real Bitcoin and Ethereum?
A: Yes. These are spot ETFs, meaning they hold actual Bitcoin and Ethereum as underlying assets, not futures or derivatives.
Q: Is there a way to redeem ETF shares for actual crypto?
A: Yes—through authorized participants using in-kind redemption processes, though this is typically available to institutional investors.
Q: Which ETF offers the best value for long-term holding?
A: Harvest Fund stands out due to its ultra-low post-promotional fee of 0.3%, combined with strong liquidity support from multiple market makers.
👉 Start exploring regulated crypto investment opportunities today.
Hong Kong’s launch of spot Bitcoin and Ethereum ETFs represents a major leap forward for digital asset adoption in Asia. With three distinct offerings now available, investors have more choice than ever—but also more factors to weigh. Whether you prioritize low fees, small trade sizes, or proven track records, one thing is clear: the era of regulated crypto investing in Asia has officially begun.