Bitcoin ETF

Bitcoin

Gary

<p><em>Our weekly roundup of news from East Asia curates the industrys most important developments.</em></p>
<h2 class="wp-block-heading" id="h-hong-kong-gaming-firm-to-double-down-on-100-million-crypto-investment">Hong Kong gaming firm to double down on $100 million crypto investment</h2>
<p>Shares of Hong Kong online gaming firm Boyaa Interactive have soared 318% over the past month after the firm approved a <a href="https://cointelegraph.com/magazine/hong-kong-game-company-90m-btc-eth-china-uae-cbdc-deal-asia-express/" target="_blank" rel="nofollow">$100 million initiative</a> to allocate $45 million of corporate funds to Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" target="_blank" rel="nofollow">BTC</a>), $45 million to Ether (<a href="https://cointelegraph.com/ethereum-price" target="_blank" rel="nofollow">ETH</a>), and $10 million to stablecoins such as Tether (<a href="https://cointelegraph.com/tether-price-index" target="_blank" rel="nofollow">USDT</a>) and USD Coin (<a href="https://cointelegraph.com/usdc-price-index" target="_blank" rel="nofollow">USDC</a>). </p>
<p>“As of the date of this announcement, the Company purchased a total of 1,110 Bitcoin with an average unit price of approximately $41,790, a total of 14,855 Ether with an average unit price of approximately $2,777 and approximately 8,000,000 units of Tether,” the firm <a href="https://www.boyaa.com.hk/attachment/2024030800309.pdf" target="_blank" rel="nofollow">said</a> on March 8 while announcing plans to double down on its purchase with an additional $100 million investment into cryptocurrencies.</p>
<p>Aside from the gigantic purchase, the firm also has a solid underlying gaming business, bringing around 100 million yuan ($13.90 million) in revenue and 32.05 million yuan ($4.46 million) in earnings, with growth rates of 6% and 72%, respectively. Due to the ongoing bearish stock market in China, most firms have large cash balances available with some firms trading for far below their nominal book value.&nbsp;</p>
<figure class="wp-block-image aligncenter size-large is-resized">
 <img decoding="async" src="http://cointelegraph.com/magazine/wp-content/uploads/2023/12/Screenshot-2023-12-07-203915-1024x384.png" alt="A Boyaa Interactive online casino." class="wp-image-26542" width="836" height="314" srcset="https://cointelegraph.com/magazine/wp-content/uploads/2023/12/Screenshot-2023-12-07-203915-1024x384.png 1024w, https://cointelegraph.com/magazine/wp-content/uploads/2023/12/Screenshot-2023-12-07-203915-300x113.png 300w, https://cointelegraph.com/magazine/wp-content/uploads/2023/12/Screenshot-2023-12-07-203915-770x289.png 770w, https://cointelegraph.com/magazine/wp-content/uploads/2023/12/Screenshot-2023-12-07-203915.png 1180w" sizes="(max-width: 836px) 100vw, 836px">
 <figcaption class="wp-element-caption">
  <em>A Boyaa Interactive online casino.</em>
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="h-nobody-buying-stephen-chow-nfts-right-now">‘Nobody’ buying Stephen Chow NFTs right now</h2>
<p>Nobody, a 10,000 profile picture collection created by legendary Hong Kong director Stephen Chow, has seen its floor price fall over 70% within the past month.&nbsp;</p>
<p>According to <a href="https://opensea.io/collection/real-nobody-xyz/analytics" target="_blank" rel="nofollow">data</a> from OpenSea, the lowest floor price of a Nobody NFT is currently 0.22 Ether apiece, down from its all-time high of 0.99 ETH on Feb. 5.</p>
<p>Despite ongoing promotional activities, including autographs from Chow himself, perks for NFT holders in his upcoming new film, and brand <a href="https://twitter.com/realnobodyxyz/status/1768125047867310534" target="_blank" rel="nofollow">collaboration</a> with reputable artists, traction remains stagnant after an initial launch spike that saw Nobody NFTs <a href="https://cointelegraph.com/news/stephen-chow-nfts-eclipse-10k-eth-trading-volume-community-expands" target="_blank" rel="nofollow">surpass 10,000 Ether</a> in trading volume.&nbsp;</p>
<p>On Feb. 8, Ray Chan, co-founder and CEO of Hong Kong entertainment platform 9GAG, <a href="https://opensea.io/assets/ethereum/0xa28d6a8eb65a41f3958f1de62cbfca20b817e66a/889" target="_blank" rel="nofollow">purchased</a> the rare “Monkey King” Nobody NFT for 19.52 Ether, a 3,155% premium to the collectibles then floor price. Currently, the highest bid for the asset is 0.63 Ether.</p>
<figure class="wp-block-image aligncenter size-full">
 <img decoding="async" width="484" height="802" src="http://cointelegraph.com/magazine/wp-content/uploads/2024/03/steven-chow-1.jpg" alt="Steven Chow" class="wp-image-29951" srcset="https://cointelegraph.com/magazine/wp-content/uploads/2024/03/steven-chow-1.jpg 484w, https://cointelegraph.com/magazine/wp-content/uploads/2024/03/steven-chow-1-181x300.jpg 181w" sizes="(max-width: 484px) 100vw, 484px">
</figure>
<h2 class="wp-block-heading" id="h-no-more-bruce-lee-nfts">No more Bruce Lee NFTs?</h2>
<p>Nobody isn’t the only NFT collection to underperform after a bull run chiefly dominated by speculation and euphoria. In April 2023, the Bruce Lee Foundation, directed by the Kung Fu icon’s daughter, Shannon Lee, partnered with NFT video platform Shibuya to launch The House of Lee collection celebrating her fathers life and work. Despite the initial hype, the collection has<a href="https://opensea.io/collection/houseoflee" target="_blank" rel="nofollow"> lost 87%</a> of its value measured in Ether from its highs.</p>
<p>The NFTs <a href="https://cointelegraph.com/magazine/3ac-cooks-up-a-storm-bitcoin-miner-surges-360-bruce-lee-nfts-dive-asia-express/" target="_blank" rel="nofollow">were billed</a> as “Your ticket to the House of Lee,” with reports that it was a mere first stage of an ongoing Web3 collaboration. However, no other NFT initiatives have since been launched by the Bruce Lee Foundation since the Genesis collection.</p>
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<h2 class="wp-block-heading" id="h-a-platypus-rollercoaster-for-wassies">A platypus rollercoaster for Wassies</h2>
<p>Another example of hype followed by diminishing returns is Wassies By Wassies, a platypus-themed NFT profile picture collection lauded by DeFi detective <a href="https://twitter.com/zachxbt" target="_blank" rel="nofollow">ZachXBT</a>. Last year, Wassies launched a pop-up-themed hotel in Singapore, which was followed by a meme-token airdrop <a href="https://twitter.com/bywassies/status/1741931455402418548" target="_blank" rel="nofollow">announcement</a> for NFT holders scheduled for later this year. As a result, the price of Wassie Avatars subsequently skyrocketed from 0.33 ETH to 2.5 Ether.</p>
<p>However, after the airdrop snapshots for Wassie NFT holders were taken, the price fell back to around 0.75 Ether (still a good return for those who bought in early). </p>
<p>From 2020 to 2021, NFTs as a whole reached record monthly trading volumes of $1 billion. Although traction has recovered as part of the ongoing crypto bull market, they are nowhere near their all-time highs.&nbsp;</p>
<figure class="wp-block-image aligncenter size-large is-resized">
 <img decoding="async" src="http://cointelegraph.com/magazine/wp-content/uploads/2024/03/FnK0e1DX0AMZwHJ-1024x769.jpg" alt="A cartoon drawing of the former Wassie hotel in Singapore." class="wp-image-29926" width="698" height="524" srcset="https://cointelegraph.com/magazine/wp-content/uploads/2024/03/FnK0e1DX0AMZwHJ-1024x769.jpg 1024w, https://cointelegraph.com/magazine/wp-content/uploads/2024/03/FnK0e1DX0AMZwHJ-300x225.jpg 300w, https://cointelegraph.com/magazine/wp-content/uploads/2024/03/FnK0e1DX0AMZwHJ-770x578.jpg 770w, https://cointelegraph.com/magazine/wp-content/uploads/2024/03/FnK0e1DX0AMZwHJ-1536x1153.jpg 1536w, https://cointelegraph.com/magazine/wp-content/uploads/2024/03/FnK0e1DX0AMZwHJ-2048x1538.jpg 2048w" sizes="(max-width: 698px) 100vw, 698px">
 <figcaption class="wp-element-caption">
  <em>A cartoon drawing of the former Wassie hotel in Singapore. </em>
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="h-bybit-reprimanded-in-hong-kong">Bybit reprimanded in Hong Kong</h2>
<p>It has been a busy week for Hong Kong crypto firms and regulators alike.&nbsp;</p>
<p>On March 14, Hong Kong’s Securities &amp; Futures Commission (SFC) <a href="https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR47" target="_blank" rel="nofollow">placed</a> crypto exchange Bybit and 11 of its investment products, including futures, options, leveraged tokens, staking, lending and others, on its official investment warning list. </p>
<p>“The SFC is concerned that these products have also been offered to Hong Kong investors and wishes to make it clear that no entity in the Bybit group is licensed by or registered with the SFC to conduct any ‘regulated activity’ in Hong Kong,” the regulator wrote, adding:</p>
<blockquote class="wp-block-quote">
 <p>“In Hong Kong, crypto-related products may constitute ‘futures contracts’ or ‘securities’ under the SFO and if so, dealing in and/or marketing these products whether in Hong Kong or targeting Hong Kong investors constitute a ‘regulated activity’ and require a licence from the SFC unless an exemption applies. It is a criminal offence to carry out regulated activities without a licence.”</p>
</blockquote>
<p>In February, Bybit subsidiary Spark Fintech Limited applied for a retail crypto trading license with the SFC. However, its parent company is not currently registered to operate in Hong Kong. On Feb. 29, the deadline for crypto exchanges to apply for a regulatory license lapsed, with remaining firms now required to leave the city by May 31.</p>
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<h2 class="wp-block-heading" id="h-hong-kong-s-in-kind-bitcoin-etfs">Hong Kongs ‘in kind’ Bitcoin ETFs</h2>
<p>Meanwhile, Gary Tiu, executive director at licensed Hong Kong crypto exchange OSL, revealed that a spot Bitcoin ETF in Hong Kong may have a fundamentally different structure than their United States counterparts if approved. </p>
<p>In a March 14 Bloomberg interview, Tiu <a href="https://www.youtube.com/watch?v=7UuC5JpHv6U" target="_blank" rel="nofollow">said</a> that the Hong Kong operating model “will allow the fund to directly receive BTC from subscribers” and pay Bitcoin “directly to the investors in the case of redemptions,” which would lower trading execution costs. Tiu stated:</p>
<blockquote class="wp-block-quote">
 <p>“So the level of support we’ve seen, from the issuers and from the whole ecosystem for the Hong Kong products, I think we should be expecting very competitive market-maker behavior in Hong Kong, which will make the product much more attractive to the investors.”</p>
</blockquote>
<p>When asked about the prospects of an Ethereum spot ETF, the blockchain executive noted that the U.S. has yet to approve any products in such an area. </p>
<p>“I think theres definitely a more global race on now for who can actually come to the market with the first product,” he said, adding: “Being first to market is going to be critical for, certainly for the players who are now investing in that space. As of Jan. 29, Hong Kong’s SFC has <a href="https://cointelegraph.com/news/hong-kong-sfc-receives-first-spot-bitcoin-etf-application" target="_blank" rel="nofollow">received its first</a> spot Bitcoin ETF application from Chinese asset manager Harvest.</p>
<figure class="wp-block-image aligncenter size-full is-resized">
 <img decoding="async" src="http://cointelegraph.com/magazine/wp-content/uploads/2024/03/Fyk26I1aQAALXPQ.jpg" alt="OSL executive chairman Gary Tiu (X)" class="wp-image-29927" width="836" height="437" srcset="https://cointelegraph.com/magazine/wp-content/uploads/2024/03/Fyk26I1aQAALXPQ.jpg 800w, https://cointelegraph.com/magazine/wp-content/uploads/2024/03/Fyk26I1aQAALXPQ-300x157.jpg 300w, https://cointelegraph.com/magazine/wp-content/uploads/2024/03/Fyk26I1aQAALXPQ-770x402.jpg 770w" sizes="(max-width: 836px) 100vw, 836px">
 <figcaption class="wp-element-caption">
  <em>OSL executive chairman Gary Tiu (X)</em>
 </figcaption>
</figure>
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Game firm’s stock triples after it buys Bitcoin, Hong Kong’s in-kind BTC ETF: Asia Express

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