Harvest Global Investments, a leading asset manager in Asia with over $230 billion in assets under management, has filed an application with the Hong Kong Securities and Futures Commission (SFC) to launch a new exchange-traded fund (ETF) that will track the price of Bitcoin.

The proposed Harvest Bitcoin ETF will be the first of its kind in Hong Kong, offering investors exposure to the largest and most liquid cryptocurrency in the world.

According to the filing, the Harvest Bitcoin ETF will invest in spot Bitcoin and will use a third-party custodian to store the digital assets. The ETF will also employ a market maker to provide liquidity and ensure fair pricing. The filing did not disclose the fees, launch date, or ticker symbol of the ETF.

The Harvest Bitcoin ETF is expected to face regulatory scrutiny from the SFC, which has been cautious about approving crypto-related products in the past. In 2019, the SFC issued a statement that it would not authorize any crypto ETFs unless they met the same standards as conventional ETFs. The SFC also warned investors of the high risks and volatility associated with crypto investments.

However, the Harvest Bitcoin ETF may benefit from the growing demand and acceptance of Bitcoin in Hong Kong and globally. In 2020, Hong Kong saw a surge in Bitcoin trading volume and adoption, as more people turned to the cryptocurrency as a hedge against inflation and currency devaluation amid the Covid-19 pandemic and political unrest.

Moreover, several major institutions and corporations have embraced Bitcoin as a legitimate asset class, adding credibility and legitimacy to the crypto space.

The Harvest Bitcoin ETF will also compete with other Bitcoin ETFs that have been launched or are in the pipeline in other jurisdictions, such as Canada, Brazil, and the US. The first Bitcoin ETF in North America, the Purpose Bitcoin ETF, debuted in February 2021 on the Toronto Stock Exchange and has amassed over $1 billion in assets under management.

Several other Bitcoin ETF applications are pending approval from the US Securities and Exchange Commission (SEC), which has so far rejected all previous proposals due to concerns over market manipulation, fraud, and custody.

The Harvest Bitcoin ETF will be a milestone for the crypto industry in Hong Kong and Asia, as it will provide investors with a convenient and regulated way to access the booming Bitcoin market. The ETF will also enhance the innovation and diversity of Hong Kong’s financial sector, which is one of the world’s leading hubs for asset management and fintech.

The ETF will offer several benefits to investors who want to tap into the potential of Bitcoin as an alternative asset class. First, it will lower the barriers to entry for crypto investing, as investors will only need a brokerage account to buy and sell the ETF units, just like any other stock or fund.

Second, it will reduce the risks and costs associated with holding Bitcoin directly, such as hacking, theft, loss of private keys, or high transaction fees. Third, it will enhance the liquidity and efficiency of the Bitcoin market, as more institutional and retail investors will be able to access and trade the cryptocurrency.

The Harvest Bitcoin ETF, which is expected to debut on the Hong Kong Stock Exchange in February 2024, is the result of a collaboration between Harvest Global Investments, a leading asset management firm in Asia, and Bitwise Asset Management, a pioneer in crypto index funds. The ETF will follow the Bitwise Bitcoin Index, a rules-based and transparent benchmark that reflects the true price of Bitcoin across multiple exchanges.

Ethereum, Solana emerges as minting destination for rising and established artists

In the world of blockchain and digital art, Ethereum has long been the dominant platform for creating, buying and selling non-fungible tokens (NFTs). However, in recent months, a new challenger has emerged: Solana.

Solana is a fast, scalable and low-cost blockchain that claims to offer superior performance and user experience for NFT creators and collectors. According to its website, Solana can process over 50,000 transactions per second, with an average fee of less than $0.01 and a confirmation time of 0.4 seconds. In comparison, Ethereum can handle about 15 transactions per second, with an average fee of over $10 and a confirmation time of several minutes.

These advantages have attracted many artists and collectors to Solana, especially as the demand for NFTs has skyrocketed in the past year. According to data from Solanart, a leading NFT marketplace on Solana, the total sales volume of NFTs on Solana reached over $250 million in November 2021, up from less than $1 million in July 2021.

According to data from Solana Beach, the total sales volume of NFTs on Solana in 2024 has reached over $10 billion, surpassing the previous record of $7.5 billion in 2023. This shows the increasing demand and adoption of NFTs on Solana, as well as the innovation and creativity of the NFT projects and creators.

Some of the most popular NFT projects on Solana include Degenerate Ape Academy, a collection of 10,000 pixelated apes with various traits and accessories; Solana Monkey Business, a similar project featuring 5,000 monkeys; and Aurory, a fantasy-themed project with 10,000 unique characters. These projects have sold for millions of dollars each, with some individual NFTs fetching over $100,000.

Solana has also emerged as an attractive minting destination for rising artists and established artists alike. For example, FTX, a leading cryptocurrency exchange that runs on Solana, recently launched a platform called FTX NFTs, where anyone can create and sell NFTs on Solana or Ethereum. FTX NFTs has hosted auctions for prominent artists such as Beeple, Damien Hirst and Steve Aoki, as well as celebrities such as Tom Brady, Gisele Bündchen and Steph Curry.

Another example is Metaplex, a decentralized protocol that allows artists to create their own NFT storefronts on Solana. Metaplex has enabled artists such as RAC, a Grammy-winning musician; Star Atlas, a sci-fi gaming metaverse; and The DAO Records, a music label powered by blockchain; to launch their own NFT collections and communities on Solana.

The growth of Solana as an NFT hub has not gone unnoticed by the wider crypto industry. Several investors and funds have poured money into Solana-based NFT projects and platforms, such as Solrise Finance, a decentralized asset management platform.

Metaverse Ventures, a fund dedicated to investing in Solana metaverse projects; and Solanium, a launchpad for Solana projects. Additionally, Solana Labs, the company behind Solana, has announced a $100 million fund to support global NFT projects on Solana.

While Ethereum still remains the most popular and liquid NFT platform, with over $10 billion in total sales volume according to DappRadar, Solana is quickly catching up and challenging its dominance. With its speed, scalability and low-cost advantages.

Solana offers a compelling alternative for NFT creators and collectors who value efficiency and user experience. As the NFT market continues to grow and evolve, Solana is poised to become a major player in the digital art revolution.