Hong Kong media view: If the mainland has no disposal plan for holding BTC, it can consider transferring it to the Hong Kong government or packaging it into an ETF

Previously, foreign media pointed out that China holds 190,000 confiscated bitcoins, second only to the 210,000 held by the US government. If the news is true, how to revitalize and release the value of these bitcoins while taking advantage of the current bitcoin bull market is a topic worth exploring, among which packaging them into exchange-traded funds (ETFs) in Hong Kong is a feasible method. Huang Hao, associate dean of the Hong Kong University of Science and Technology Business School and associate professor of the Department of Accounting, told the Hong Kong Wen Wei Po that based on the current mainland policy restrictions on bitcoin and other cryptocurrencies, as well as the Hong Kong SAR government's support for cryptocurrencies and Web3, if the mainland does not have a specific disposal plan for the bitcoins it holds, it can consider transferring these bitcoins to the Hong Kong SAR government to support Hong Kong in becoming a digital asset and cryptocurrency center. Other industry insiders pointed out that the mainland may refer to Hong Kong's official shareholding approach in dealing with "big predators" that year, that is, to refer to the method of establishing the Hang Seng Fund. Inviting fund companies and asset management companies to package the bitcoins they hold into ETFs and then list them in Hong Kong is believed to be a move that can not only fully release the value of the bitcoins held by the mainland, but also stimulate the overall trading of Hong Kong stocks, which can be said to kill two birds with one stone. At about $94,000 per coin recently, the market value of 190,000 bitcoins is nearly $18 billion (about HK$140 billion), which far exceeds the 12 virtual asset ETFs currently listed on the Hong Kong Stock Exchange. It can become the flagship ETF of Hong Kong virtual assets, while the total market value of virtual asset ETFs listed on the Hong Kong Stock Exchange is only more than 7.4 billion yuan. (Hong Kong Wen Wei Po)