Pando Finance has officially launched the Pando Bitcoin ETF (2818.HK) on the Hong Kong Stock Exchange (HKEX), a significant development that underscores the region’s accelerating push into regulated digital asset products.
The ETF is benchmarked against the CME CF Bitcoin Reference Rate – Asia Pacific Variant (BRRAP), provided by CF Benchmarks, ensuring institutional-grade pricing tailored to the Asian market.
New milestone in Asia’s digital asset space with the launch of the Pando Bitcoin ETF (Ticker: 2818.HK) is now live on HKEX, powered by our CME CF Bitcoin Reference Rate – APAC Variant (BRRAP).
✅ Dual-mode access with cash and in-kind subscriptions
✅ No wallets needed
— CF Benchmarks (@CFBenchmarks) July 18, 2025
With this launch, investors gain regulated access to Bitcoin exposure through a traditional equity product, eliminating the need for private wallets or keys. The ETF’s structure supports both cash and in-kind subscriptions and redemptions, accommodating a broad range of participants from crypto-native institutions to traditional asset managers by allowing them to transact directly through their brokerage accounts.
To ensure robust infrastructure, the ETF is administered by BOCI-Prudential Trustee and employs OSL Custody as sub-custodian, operating fully within Hong Kong’s digital asset regulatory regime. All trading is conducted via the OSL Exchange, further strengthening the ETF’s compliance and institutional appeal.
Central to the ETF is its use of the BRRAP index, designed specifically for Asia-Pacific investors. The index tracks the USD price of Bitcoin at 4:00 p.m. HKT, aligning with local market hours for enhanced pricing accuracy. Built on CF Benchmarks’ globally adopted BRR methodology, it uses a volume-weighted median price from rigorously vetted exchanges, minimizing market manipulation and enhancing price integrity.
Moreover, BRRAP is governed by CF Benchmarks, a UK FCA-regulated entity, ensuring transparent oversight and regulatory alignment. This structure is particularly advantageous for ETFs, helping reduce tracking errors, improve bid-ask spreads, and support reliable NAV calculations in real-time across local time zones.
Backed by its Web3 and venture capital expertise, Pando aims to offer high-performance fund management while bridging traditional finance and digital assets through trusted infrastructure and standards. Meanwhile, in the U.S., BlackRock’s iShares Bitcoin Trust (IBIT) has reached a new milestone, surpassing the 700,000 BTC mark—further cementing its lead in the American spot Bitcoin ETF landscape.
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