Sign in Subscribe
Featured

MicroBit launches Bitcoin and Ether Spot ETFs in Hong Kong, powered by CF Benchmarks’ Asia Pacific indices

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

CF Benchmarks

• 4 min read
MicroBit launches Bitcoin and Ether Spot ETFs in Hong Kong, powered by CF Benchmarks’ Asia Pacific indices

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

Click below to watch our CME CF Ether-Dollar Reference Rate Explainer Video

Read our benchmark research:

Suitability Analysis of the CME CF Bitcoin Reference Rate - Asia Pacific Variant as a Basis for Regulated Financial Products - CFB
Suitability Analysis of the CME CF Bitcoin Reference Rate - Asia Pacific Variant as a Basis for Regulated Financial Products - CFB
CFBCF Benchmarks
Suitability Analysis of the CME CF Ether-Dollar Reference Rate - Asia Pacific Variant as a Basis for Regulated Financial Products - CFB
Suitability Analysis of the CME CF Ether-Dollar Reference Rate - Asia Pacific Variant as a Basis for Regulated Financial Products - CFB
CFBCF Benchmarks

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell any of the underlying instruments cited including but not limited to cryptoassets, financial instruments or any instruments that reference any index provided by CF Benchmarks Ltd. This communication is not intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. Please contact your financial adviser or professional before making an investment decision.

CF Benchmarks Ltd (“CF Benchmarks”), a company registered in England and Wales with company number 11654816 and authorised and regulated by the Financial Conduct Authority. Information about us can be found on the Financial Services Register (register number 847100).

Registered Office: 6th Floor One London Wall, London, United Kingdom, EC2Y 5EB.

You agree not to, and have no rights to, use the CF Benchmarks Data to create, calculate, issue, settle, maintain, support or develop any financial instruments (including but, without limitation exchange traded products, certificates, warrants, contracts for difference, swaps, binary options, structured products), indices, products, services (including but without limitation, portfolio management services, pre- and post-trade risk management services, or valuation services) or any other derivative works without the express written consent of CF Benchmarrks.

You agree not to analyze, reverse-engineer or disassemble any CF Benchmarks data and not to insert any code or product to manipulate the Website content in any way that affects any user’s experience. Unless CF Benchmarks gives you prior written permission, use of any Web browsers (other than generally available third-party browsers), engines, scripts, software, spiders, robots, avatars, agents, tools or other devices or mechanisms (such as crawlers, browser plug-ins and add-ons, or other technology) to navigate, access, copy in bulk, retrieve, harvest, index, search or analyse any portion of the Website is strictly prohibited.

No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of CF Benchmarks Ltd. Use and distribution of the CF Benchmarks data requires a license from CF Benchmarks or its authorized licensing agents.

All information is provided for information purposes only. All information and data contained on this website is obtained by CF Benchmarks, from sources believed by it to be accurate and reliable. Such information and data is provided "as is" without warranty of any kind.

CF Benchmarks, nor its directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or implied, either as to the accuracy, timeliness, completeness or merchantability of any information or of results to be obtained from the use of the CF Benchmarks indices or the fitness or suitability of the same indices for any particular purpose to which they might be put. Any representation of historical data accessible through CF Benchmarks indices is provided for information purposes only and is not a reliable indicator of future performance.

No responsibility or liability can be accepted by CF Benchmarks nor their respective directors, officers, employees, partners or licensors for any loss or damage in whole or in part caused by, resulting from, or relating to any error (negligent or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analysing, editing, transcribing, transmitting, communicating or delivering any such information or data or from use of this website or links to this website.

CF Benchmarks and its respective directors, officers, employees, partners or licensors do not provide investment advice and nothing accessible through CF Benchmarks, should be taken as constituting financial or investment advice or a financial promotion. Charts and graphs are provided for illustrative purposes only. Index returns shown may not represent the results of the actual trading of any assets.

CF Benchmarks is a member of the Crypto Facilities group of companies which is in turn a member of the Payward, Inc. group of companies. Payward, Inc. is the owner and operator of the Kraken Exchange, a venue that facilitates the trading of cryptocurrencies. The Kraken Exchange is a source of input data for certain CF Benchmarks indices. Payward, Inc. is the owner and operator of the Staked, a venue that operates the block production nodes for decentralized PoS protocols on behalf of institutional investors. Staked.us is a source of input data for certain CF Benchmarks indices.

Please refer to the individual product family documentation for more information about applicable input data sources.