First dual launch of spot Bitcoin and Ether ETFs in Hong Kong this year offers unified, regulated access to the top two digital assets, plus ETH staking

Streamlined, regulated access

CF Benchmarks congratulates MicroBit Capital Management on the successful simultaneous listings of MicroBit Bitcoin Spot ETF (3430.HK / 9430.HK) and MicroBit Ether Spot ETF (3425.HK / 9425.HK) on the Hong Kong Stock Exchange (HKEX).

As the first dual spot Bitcoin and Ether ETF launch in Hong Kong in 2025, the MicroBit funds provide retail and institutional investors with a new streamlined means of gaining exposure to crypto market beta — underpinned by regulatory assurance, operational simplicity, and institutional-grade pricing methodology.

Comprehensive exposure from day one

The listings are also remarkable due to the full-featured access the ETFs offer to investors right from the start.

Firstly, the funds are available in both HKD and USD counters, under separate tickers, as illustrated below:

Additionally, creation baskets and redemption units of both ETFs and both counters are available in-kind on the funds’ first day of trading, enabling optimal operational and financial efficiency for counterparties, which ultimately benefits all investors.
Meanwhile, the MicroBit Ether Spot ETF also immediately joins the still relatively small number of ETH ETFs globally providing exposure to Ethereum staking rewards. Up to 30% of the Ether held in the fund’s portfolio will be staked. Staking will be conducted through Securities and Futures Commission (SFC) -licensed virtual asset trading platforms (VATPs) that are authorized to perform staking activities directly, or via affiliates and third-party staking providers. Staking yields will be reinvested into the fund, net of applicable service fees and any slashing penalties.

Other key features

Dual crypto exposure: Coordinated Bitcoin and Ether ETFs designed for efficient crypto portfolio exposure
Direct spot access: Physical Bitcoin and Ether — no derivatives, or synthetic exposure
Operational ease: Tradeable by investors via standard brokerage accounts with no wallets or direct custody required
Trusted, regulated infrastructure: Including digital asset custody by Hash Blockchain Limited and HashKey Custody Services
Enhanced ETH yield: The MicroBit Ether Spot ETF is only the third Ether ETF in Hong Kong to incorporate regulated staking, with rewards reinvested under full SFC oversight — combining spot exposure with on-chain yield potential

The CF Benchmarks Asia Pacific Advantage

Regulated, time zone-aligned indices

The ETFs track Asia Pacific-optimized variants of CF Benchmarks’ flagship indices:

Regulatory safeguards

These indices incorporate features designed to provide the highest possible standards of market integrity, as outlined below.

Vetted exchanges: Both indices aggregate trade data from a set of rigorously vetted digital asset exchanges, continuously reviewed for adherence to regulated standards of reliability and transparency
Volume-weighted median pricing: To resist manipulation, BRRAP and ETHUSD_AP apply a volume-weighted median methodology, neutralizing erroneous or malicious activity
FCA oversight: The indices are published and administered by CF Benchmarks Ltd., the Benchmark Administrator authorized by the UK FCA under the UK Benchmarks Regulation framework. As such, the indices benefit from full regulatory oversight, governance, and auditability

Precision replication

Additionally, MicroBit’s selection of the Asia Pacific variants of CF Benchmarks’ regulated Bitcoin and Ether benchmarks brings the following advantages:

Tighter spreads and tracking: Time zone-specific price anchoring enables tighter bid/ask spreads
APAC integration: Institutional investors managing local mandates, or APAC time-zone risk windows, benefit from a benchmark reflecting local price formation dynamics
Regional alignment: The indices anchor to 4 pm Hong Kong Time for NAV alignment with regional trading patterns, while unit creations and NAV are pegged to an end-of-day benchmark synchronized with the region's capital markets infrastructure
Unified methodology: NAV of both ETFs referencing the identical methodology, albeit across different assets, contributes to optimized portfolio management

A step forward for regulated crypto in Hong Kong

With this dual launch, MicroBit expands Hong Kong’s role as a regulated hub for institutional digital asset investment. By pairing a coordinated dual ETF launch with the additional yield opportunity of a staking-enabled Ether ETF, MicroBit joins a select group of issuers delivering next-generation regulated crypto products.

CF Benchmarks’ indices ensure these products meet the highest global standards of accuracy, integrity, and replicability — giving investors a new, cohesive platform for accessing the two most established crypto assets.

More information

Learn more about MicroBit Bitcoin Spot ETF (3430.HK / 9430.HK), and MicroBit Ether Spot ETF (3425.HK / 9425.HK) and their risk disclosures by clicking the links below.

Explore the regulated CF Benchmarks indices utilized by MicroBit ETFs by clicking the links below.

Click below to watch our CME CF Bitcoin Reference Rate - Asia Pacific Variant Explainer Video