2025-08-29-港交所-嘉实比特币_嘉实比特币－Ｕ_嘉实比特币现货ETF2025未经审核半年度报告页_12页_131kb

Summary of Harvest Bitcoin Spot ETF (A Sub-Fund of Harvest Funds Series (Hong Kong) ETF OFC)

Core Content Overview

The Harvest Bitcoin Spot ETF is a sub-fund under the Harvest Funds Series (Hong Kong) ETF OFC, offering investors exposure to Bitcoin through an ETF structure. The document provides an unaudited financial summary for the period ending 30 June 2025, including the manager's report, financial position, comprehensive income, changes in net assets, notes to financial statements, investment portfolio, movements in portfolio holdings, and performance table.

Key Entities and Roles

• Directors of the Company:

  • HAN Tongli
  • SHU Chunying Kevin

• Legal Counsel:

  • Baker & McKenzie, 14th Floor, One Taikoo Place, Hong Kong

• Manager:

  • Harvest Global Investments Limited
  • Jun He Law Offices, 1 Connaught Place, Hong Kong

• Directors of the Manager:

  • JING Lei (resigned on 30 April 2025)
  • LU Lingfei
  • GUO Song
  • TANG Jun (appointed on 30 April 2025)
  • CHEN Zhixin (appointed on 30 April 2025)
  • HAN Tongli

• Auditor:

  • PricewaterhouseCoopers, 22/F, Prince's Building Central, Hong Kong

• Custodian:

  • BOCI-Prudential Trustee Limited, 15/F, 1111 King's Road, Taikoo Shing, Hong Kong

• Conversion Agent or Service Agent:

  • HK Conversion Agency Services Limited, 8th Floor, Two Exchange Square, Hong Kong

• Virtual Asset Sub-Custodian and VATP:

  • OSL Digital Securities Limited acting via its associated entity, 39/F, Lee Garden One, Hong Kong

• Administrator and Registrar:

  • BOCI-Prudential Trustee Limited, 15/F, 1111 King's Road, Taikoo Shing, Hong Kong

• Participating Dealers:

  • China Merchants Securities (HK) Co., Limited
  • Eddied Securities and Futures Limited
  • Mirae Asset Securities (HK) Limited
  • Solomon JFZ (Asia) Holdings Limited
  • Valuable Capital Limited
  • Victory Securities Company Limited

Market Overview

• Bitcoin Performance:

  • Reached an all-time high of approximately $109,000 in January 2025, driven by institutional demand and a crypto-friendly regulatory environment.
  • Experienced volatility, with a significant drop in February and March due to market panic and tariff policies.
  • Rebounded in the second quarter, driven by institutional buying and positive regulatory signals, breaking the $110,000 mark in June.

• Ethereum Performance:

  • Weak performance, continuously declining from ~$3,300 at the start of the year.
  • Fluctuated around $1,800 in April and rebounded in May by 40% due to technical upgrades and futures market activity, but failed to sustain the recovery.

• Regulatory Environment:

  • Global crypto regulation is accelerating, with the EU's MiCA regulation leading the way.
  • The U.S. is expected to adopt a more crypto-friendly stance in 2025, reducing jurisdictional disputes and providing clearer guidance for the industry.
  • Stablecoins are under stricter regulation, with reserve requirements and audits becoming standard.

Financial Position (Unaudited)

• Total Assets (30 June 2025): $32,507,584
• Total Liabilities (30 June 2025): $76,089
• Net Assets Attributable to Unitholders (30 June 2025): $32,431,495
• Net Assets Attributable to Unitholders (31 December 2024): $34,882,532

Comprehensive Income (Unaudited)

• Profit before tax (30 June 2025): $2,629,393
• Total Comprehensive Income (30 June 2025): $2,629,393
• Profit before tax (31 December 2024): $14,103,065
• Total Comprehensive Income (31 December 2024): $14,103,065

Changes in Net Assets (Unaudited)

• Net assets attributable to unitholders increased by $2,629,393 from $34,882,532 to $32,431,495 during the period.
• Unit subscriptions contributed to the increase, with $45,882,940 in-kind and $24,998,519 in cash.
• Unit redemptions reduced net assets by $5,080,430, with $777,050 in-kind and $4,303,380 in cash.
• Total number of units at the end of the period: 19,000,000

Investment Portfolio (Unaudited)

• Investment Composition (30 June 2025):
  • Bitcoin: 301.170300 units, valued at $32,411,695 (99.94% of net assets).
  • Other net assets: $19,800 (0.06% of net assets).
• Total investment portfolio: $32,411,695
• Net assets at cost: $18,761,056

Movements in Portfolio Holdings (Unaudited)

• Bitcoin holdings decreased by 64.704545 units from 365.874845 at the start of the period to 301.170300 at the end.
• No additions were made to the portfolio during the period.

Performance Table (Unaudited)

• Net Asset Value (NAV):

  • 30 June 2025: $32,450,967 or $1.7079 per unit
  • 31 December 2024: $33,945,519 or $1.4823 per unit

• Highest and Lowest NAV per Unit:

  • 30 June 2025: $1.7613 (highest), $1.1949 (lowest)
  • 31 December 2024: $1.7094 (highest), $0.8407 (lowest)

Notes to Financial Statements

• The net assets are based on the BRRAP (Bitcoin Reference Rate and Asset Price) and ETHUSDAP (Ethereum USD Asset Price).
• The valuation method uses the USD price at 16:00 Hong Kong time for daily benchmarking.
• IFRS standards require fair value to be based on the last trading price at 23:59:59 Hong Kong time, resulting in a difference between the prospectus-based and IFRS-based net assets.
• Net assets per share (IFRS): $1.7069
• Net assets per share (Prospectus): $1.7077

Investment Strategy & Outlook

• Bitcoin ETFs are expected to benefit from increasing regulatory support, maturity of the crypto market, and institutional demand.
• Cryptocurrencies are increasingly viewed as diversification assets, with Bitcoin being positioned as a store of value, similar to gold and foreign currencies.
• ETFs help mitigate risks such as custody and security, making them more attractive to conservative investors.
• The future outlook is positive, with continued inflows expected and cryptocurrency ETFs playing a key role in multi-asset portfolios.