The Hong Kong spot crypto ETFs were seen as significant improvements to their U.S. counterparts. They are denominated in three fiat currencies and feature in-kind transfers so investors can buy and redeem ETF units directly via Bitcoin or Ether.

A batch of exchange-traded funds investing directly in crypto debuted in Hong Kong on Tuesday, heralding potential competition for US Bitcoin products whose popularity stoked a record rally in the digital asset.

Hong Kong's first spot bitcoin and ether ETFs started trading late Tuesday morning (Monday evening in the U.S.), with the strike of a gong. Why it matters: The listings follow the January launch of the U.

Tiger Brokers, a major fintech player in China, launched crypto trading services through its Hong Kong subsidiary for professional investors.

Despite muted anticipation for the new products, an executive of one of the issuers reportedly expects that the first-day issuance of the Hong Kong offerings will exceed the U.S. debut in January.

Hong Kong’s stock exchange indicated the bourse is open to an expanded roster of crypto exchange-traded funds, as the city’s first spot-Bitcoin and Ether products go live.

Hong Kong-listed spot bitcoin and ether exchange traded funds aim to start trading by the end of April, three companies that provide the products said in separate statements on Wednesday.

"CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, as Hong Kong’s bitcoin and ether ETFs failed to lift off on their trading debut, coming dramatically under initial expectations.

Hong Kong's latest milestone in fashioning itself to be Asia's premier market for cryptocurrencies has the support of a group of unlikely supporters—traditional fund houses from mainland China, where the trading of those tokens is banned.

Management fees of the ETFs are lower than previously thought, one analyst noted Hong Kong’s market regulator has officially approved the first batch of crypto-related spot exchange-traded funds (ETFs),