Hong Kong firm Yibo Financial plans to launch spot Bitcoin ETF in first quarter

On January 19th, Venture Smart Financial Holdings Ltd. (VSFG), a Hong Kong-based financial services company, announced its plan to submit an application to the Hong Kong Securities and Futures Commission to launch a Bitcoin ETF in this quarter. Brian Chan, the company's head of investment and product group, stated, "This is a market with enormous potential, and our goal is to manage assets of $500 million by the end of this year." In late December of last year, the Hong Kong Securities and Futures Commission announced that it was ready to accept applications for virtual asset ETFs.