Interactive Brokers HK launches spot Bitcoin and Ether ETPs

Rick Steves

“We are pleased to expand our product line-up with the new Spot Bitcoin and Ether ETPs. These straightforward products give our clients enhanced flexibility to manage cryptocurrency exposure from the same brokerage account used to trade the broad range of global products available through Interactive Brokers.”

Interactive Brokers has launched Hong Kong Spot Bitcoin and Ether Exchange Traded Products (ETPs), available to trade on the Hong Kong Stock Exchange.

The automated global electronic broker first launched crypto trading in Hong Kong in early 2023, which included trading and custody of Bitcoin (BTC) and Ethereum (ETH) but only for professional investors.

In November 2023, IBKR HK obtained an SFC license to engage in virtual asset trading for retail clients. The license permits the brokerage to facilitate trading in major cryptocurrencies like Bitcoin and Ether, with a formal announcement anticipated shortly.

“Enhanced flexibility to manage cryptocurrency exposure”

David Friedland, Head of APAC for Interactive Brokers, commented: “We are pleased to expand our product line-up with the new Spot Bitcoin and Ether ETPs. These straightforward products give our clients enhanced flexibility to manage cryptocurrency exposure from the same brokerage account used to trade the broad range of global products available through Interactive Brokers.”

Eligible clients of Interactive Brokers Hong Kong can now trade the new Spot Bitcoin and Ether ETPs alongside stocks, options, futures, currencies, bonds, funds and more from a single unified platform. Clients can purchase Spot Bitcoin and Ether ETPs through their IBKR brokerage accounts and easily add cryptocurrency exposure to their portfolios without owning digital assets directly.

 

 

 

 

 

 

IBKR’s revenue figures exceeded Wall Street forecasts

Earlier this month, Interactive Brokers announced its first-quarter financial results for the period ending March 31, 2024. The leading automated global electronic broker reported a GAAP diluted EPS of $1.61 and an adjusted EPS of $1.64. Revenue figures exceeded Wall Street forecasts, with GAAP net revenues reaching $1,203 million and adjusted net revenues at $1,216 million.

IBKR derives nearly 70% of its net revenue from the U.S. market, with the remaining 30% coming from international operations. The company has seen a robust increase in its financials, with net income available for common stockholders rising from $148 million in Q1 2023 to $175 million in Q1 2024. This growth was supported by increases in both interest and non-interest income, indicating a diversified revenue stream.

Despite the strong financial performance, the discount broker reported a $104 million decrease in earnings due to its currency diversification strategy, which was affected by a 0.73% depreciation in the U.S. dollar value against its GLOBAL basket.

The Greenwich, Connecticut-based company also revealed that on average it charged clients commission fees of $2.89 per order in March compared with $3.03 in February. This figure includes exchange, clearing and regulatory fees, with the key product metrics coming out as follows:

Interactive Brokers LLC (NASDAQ: IBKR) recorded 2.41 million daily average revenue trades (DARTs) in March 2024, virtually unchanged from the 2.2 million transactions observed in the previous month. This figure was higher by 15 percent year-on-year.

In terms of equity balance in customers’ accounts during March, the figure totaled $465.9 billion, which is 36% higher than the previous year and roughly 4 percent relative to $448.2 billion in the prior month.

Additionally, the ending client margin loan balances stood at $51.2 billion, up 30% from the previous year and 8% higher than February’s $47.4 billion. Interactive Brokers’ client credit balances, including insured bank deposit sweeps, totaled $104.9. This figure is 9% higher than the previous year, and 2% from the prior month.

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