Bitcoin ETF Advertisements Appear on Alipay for Chinese Users
Users of China's largest payment platform Alipay encountered new advertisements related to spot Bitcoin ETFs and digital assets. These ads appeared on Alipay homepages, as reported by local news agency Sina Finance on December 12.
The cryptocurrency advertisements stated:
“Global investment, cryptocurrency soaring, 10 yuan minimum investment, get on board now.”
The ad directed users to Huabao Overseas Technology C (QDII-FOF-LOF), which reportedly has indirect exposure to Coinbase stock and the ARK 21Shares Bitcoin ETF.
Crypto analyst Colin Wu noted that the platform set a limit of 1,000 Chinese yuan ($137) for daily shares in the fund. The minimum investment is 10 yuan or $1.40. Wu commented:
“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.”
Reports of crypto-related ads on Alipay first surfaced on December 11, with local blockchain outlet ChainCatcher being the first to highlight community reports. Users speculated that direct Bitcoin purchases through Alipay might be forthcoming.
Bitcoin ETF Popularity Is Growing in China
Spot Bitcoin ETFs debuted on Wall Street earlier this year, making significant impacts, particularly BlackRock's Bitcoin ETF (IBIT), which has seen assets under management exceed $50 billion amid recent BTC price surges.
In China, Bitcoin ETFs are gaining interest. Yifan He, CEO of Red Date Technology, indicated that Ant Financial Services Group, parent of Alipay, also facilitates ETF trading. He mentioned that allowing Bitcoin ETFs would not be surprising, noting that all transactions occur in Chinese yuan.
He stated, “As long as people can’t move yuan out of the country illegally, regulators won’t treat it as a huge risk.” He suggested that recent crypto ads on Alipay may not be from Ant directly but rather from third parties exploiting loopholes, although he believes these ads may soon vanish.
In 2019, Alipay prohibited Bitcoin-related transactions, reinforcing its anti-crypto stance aligned with the Chinese government's unfavorable view of cryptocurrencies.