Hong Kong welcomes spot Bitcoin ETF as Pando eyes stablecoin offerings

The latest new spot Bitcoin exchange-traded fund Pando Bitcoin ETF (2818) gained 2.3 percent to HK$8.03 by noon on its debut in Hong Kong.

Issuer Pando Finance, a licensed virtual asset manager, said the ETF allows subscriptions and redemptions in either cash or physical Bitcoin.

At the listing ceremony, the Securities and Futures Commission said the launch reinforces Hong Kong’s role as a global hub for digital assets and encourages the industry to roll out more innovative offerings.

Pando founder Ren Junfei said the ETF saw initial subscription demand in the range of several hundred million Hong Kong dollars. 

Asked about the city’s new stablecoin regulatory regime set to take effect next month, she said that Pando plans to develop products that can use stablecoins for subscriptions and redemptions.

STAFF REPORTER