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Ruholamin Haqshanas
Author
Ruholamin Haqshanas
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Huabao Overseas Technology C, a tech company offering Chinese investors indirect exposure to Bitcoin, has reportedly launched an advertisement promoting Bitcoin ETFs.
On December 12, users of Alipay in mainland China discovered promotions on their homepages endorsing spot Bitcoin ETFs, which referred users to Huabao Overseas Technology.
According to a report from local news agency Sina Finance, the firm, through a series of fund offerings labeled QDII-FOF-LOF, provides a gateway to indirectly investing in shares of Coinbase and the ARK 21Shares Bitcoin ETF.
Advertised Funds Capped at $137 Daily Purchases
According to Colin Wu, a noted Chinese crypto market analyst, the advertised funds are capped at daily purchases worth 1,000 yuan (approximately $137).
In a post on X, Wu said that Huabao’s strategy includes investing in popular funds managed by prominent investors like Wood Sister, thereby gaining indirect stakes in major crypto assets.
“It indirectly invested in Coinbase stock and Ark spot Bitcoin ETF by investing in Wood Sister’s fund. In addition, Huabao Technology and many similar QDIIs advertise cryptocurrency on Alipay.”
Crypto Regulations in China Are Still Harsh
However, not everyone sees this as a lasting change. Some industry insiders suggest that the appearance of these ads might be short-lived, exploiting fleeting loopholes rather than signaling a permanent shift.
Despite this, the mere presence of such promotions is noteworthy, given the Chinese government’s historically harsh stance against direct cryptocurrency trading and transactions.
Alipay itself had formally banned Bitcoin-related transactions back in 2019, aligning with the broader anti-crypto directives from Beijing.
China’s strict regulatory environment led to the exile of top crypto exchanges and a comprehensive crackdown on all forms of crypto trading in recent years.
The ads’ appearance comes amid a bull market and swirling rumors of potential regulatory softening in China towards cryptocurrencies.
While the mainland has not shown any clear signs of reversing its ban, actions by companies like Hangzhou-based Nano Labs, which began accepting Bitcoin through Coinbase, suggest a potential policy change to crypto transactions within the country’s borders.
Furthermore, Changpeng Zhao (CZ), former CEO of Binance, has hinted at the possibility of a Bitcoin reserve in China during his speech at the 2024 Bitcoin MENA Conference in Abu Dhabi.
“[A Chinese Bitcoin Reserve is] inevitable – they have to do it at some point because it’s the only ‘hard’ asset. I’d be much less surprised if they accumulate and then announce… They could move really, really fast if they wanted.”
The event attracted notable attendees including Eric Trump and Sheikh Nahayan Mabarak Al Nahyan.
