---
title: "Hong Kong Stock Concept Tracking | Refreshing a two-year high! Bitcoin soaring above $57,000 triggers a frenzy in the cryptocurrency market (with concept stocks attached)."
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/108703860.md"
description: "Bitcoin price has surged past $57,000, hitting a two-year high and sparking a frenzy in the cryptocurrency market. In response to this news, the digital currency sector in the Hong Kong stock market has shown strong performance, with some concept stocks rising by over 10%. The rise in Bitcoin price may be related to the recent approval of Bitcoin spot ETFs. The trading volume of Bitcoin ETFs issued by multiple institutions has reached a historical high. Industry insiders predict that Bitcoin may climb to $150,000 and reach $500,000 within five years. The rise in Bitcoin is also supported by relaxed monetary policies and improved investment demand."
datetime: "2024-02-27T08:06:07.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/108703860.md)
  - [en](https://longbridge.com/en/news/108703860.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/108703860.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/108703860.md) | [繁體中文](https://longbridge.com/zh-HK/news/108703860.md)


# Hong Kong Stock Concept Tracking | Refreshing a two-year high! Bitcoin soaring above $57,000 triggers a frenzy in the cryptocurrency market (with concept stocks attached).

Zhitong App learned that on February 27th, the spot price of Bitcoin once broke through $57,000 during the trading session, rising over 8% intraday and hitting a new high since December 2021. In response to this news, the digital currency sector in the Hong Kong stock market showed strength. As of the time of writing, OSL Group (00863) surged over 18%, GRANDSHORES (01647) rose over 11%, MEITU (01357) increased by over 5%, and New Fire Technology Holdings (01611) rose by 3.44%.

The surge in Bitcoin prices may be related to the recent approval and listing of Bitcoin spot ETFs. On January 10th, the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs, leading to a price increase of over 10% in Bitcoin. At the same time, the trading volume of Bitcoin ETFs reached a historical high. On February 20th, industry insiders indicated that the trading volume of 9 spot Bitcoin ETFs approached $2 billion, marking the highest level since the first day of trading on January 11th.

These ETFs are issued by various institutions, including Grayscale, Bitwise, Hashdex, iShares, Valkyrie, Ark 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, and Franklin. In particular, iShares, as part of the global asset management giant BlackRock, attracted widespread attention with its Bitcoin ETF (IBIT).

Furthermore, Tom Lee, Managing Partner of Fundstrat Global Advisors, made an aggressive prediction about the trend of Bitcoin, suggesting that by the end of this year, this cryptocurrency may rise to $150,000. Lee believes that the demand for ETFs has improved while the supply has decreased... If monetary policy is loosened as expected, this will support risk assets and Bitcoin.

Regarding the long-term price forecast for Bitcoin, Lee reiterated his prediction of reaching $500,000 within five years. He stated that it is a reliable currency, and he believes it will prove to be useful with high storage value. It is a good risk asset and very secure.

Anthony Scaramucci, the founder of Skybridge, stated that it is not too late to buy Bitcoin now, and he expects Bitcoin to experience a "shocking rise."

It is worth noting that with the U.S. Securities and Exchange Commission's final decision, spot Bitcoin ETFs are listed in the U.S., prompting Hong Kong, which had previously announced plans to develop spot Bitcoin trading, to take action. In December last year, the Hong Kong Securities and Futures Commission stated that it was ready to accept applications for virtual asset spot ETFs.

Ro Ben, Head of Securities Product Development at the Hong Kong Exchanges and Clearing Limited (HKEX), pointed out that the statement from the Hong Kong Securities and Futures Commission makes Hong Kong the first market in Asia to allow the listing of virtual asset spot ETFs, enhancing Hong Kong's position as a leading digital asset center in the region. HKEX will closely cooperate with issuers and all parties to prepare for the smooth introduction of new products to the Hong Kong ETF market. Hong Kong Legislative Council member Wu Jiezhuang also posted on social media that Hong Kong should dare to be a "pioneer" in the field of virtual assets, promoting the development of the entire industry through innovative policies, and the Hong Kong SAR government is accelerating the implementation of spot ETFs.

It was reported that CSOP Asset Management in Hong Kong submitted a Bitcoin spot ETF application to the Hong Kong Securities and Futures Commission on January 26, becoming the first institution in Hong Kong to submit such a product. The report stated that the Hong Kong Securities and Futures Commission is expediting the review of the first Hong Kong Bitcoin spot ETF and plans to list it on the Hong Kong Stock Exchange after the Spring Festival.

In addition to CSOP Asset Management formally submitting the application for a spot Bitcoin ETF, financial institutions including Amber Financial are discussing stablecoin "sandbox" experiments in the Hong Kong virtual asset plan with the Hong Kong Monetary Authority.

Amber Financial stated that virtual assets are a market with enormous potential, aiming to manage assets worth $500 million by the end of this year. Spot Bitcoin ETFs offer greater flexibility, transparency, and liquidity, making them an attractive choice for retail and institutional investors.

**Related concept stocks:**

MEITU (01357): In the past few years, the company purchased Bitcoin and Ethereum. As of June 2023, the company holds 940.497 Bitcoins and 31,000 Ethereums, with the combined holding cost accounting for approximately 10% of total assets. Based on the disclosed costs in the semi-annual report, the company made a profit of 161 million yuan from holding Bitcoin, 288 million yuan from holding Ethereum, and a total profit of 450 million yuan.

Nova Tech Holdings (01611): Formerly known as Huobi Technology, the company is currently one of the world's largest cryptocurrency platforms. Nova Tech Holdings mainly provides virtual asset trading and technical solution services, including providing virtual asset lending asset management to customers and offering over-the-counter trading platforms, acting as an exchange.

OSL Group (00863): The company participated in UBS Group's investment-grade subscription token pilot issuance in Hong Kong, covering the entire product issuance cycle. The project involves UBS Group using the Ethereum public chain to issue subscription tokens linked to OSL digital asset securities and stocks.

Euro Tech Cloud Chain (01499): The company is mainly engaged in foundation, building construction engineering and supporting services, construction waste treatment services, and digital asset-related businesses. According to the 2024 semi-annual report, the company is "heavily invested" in digital currencies, with digital assets totaling 800 million Hong Kong dollars, accounting for 75% of total assets. As disclosed, the company holds 1,725 Bitcoins, 6,571 Ethereums, with a total value accounting for 43% of total assets, and holds stablecoins representing 21.7% of assets.

### Related Stocks

- [iShares Bitcoin Trust ETF (IBIT.US)](https://longbridge.com/en/quote/IBIT.US.md)

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