Alternative Investments/Digital: Samsung Asset Management To Launch Bitcoin Futures ETF In Hong Kong
The ETF will be listed on the Hong Kong Stock Market.
On January 13, Samsung Asset Management will launch the Samsung Bitcoin Futures Active ETF on the Hong Kong stock market. The move is timing nicely with what appears to be a resurgence of investor interest in digital assets alongside a rally in global equities following slowing inflation. (Coin Edition)
As at the time of writing, bitcoin is trading at $18,809.12, up over 7%.
Samsung Bitcoin Futures Active ETF
The new ETF will invest in Bitcoin futures products listed on the Chicago Mercantile Exchange (CME), a proxy for the performance of the spot Bitcoin.
Meanwhile, a Korean local news outlet has confirmed that the Samsung Bitcoin futures ETF will invest primarily in CME Bitcoin Futures, alongside minor investments in CME Micro-Bitcoin Futures.
Samsung Asset Management had previously listed the Samsung Blockchain Technologies and Samsung Asia Pacific Metaverse ETF in Hong Kong.
The asset manager’s Hong Kong head, Park Seong-jin said: “Hong Kong is the only market in Asia where bitcoin futures ETFs are listed and traded in the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive product that reflects their experience in risk management.”
Hong Kong is said to be the only location in Asia that allows the trading of an instrument such as a bitcoin futures ETF.
Notably, Hong Kong’s financial secretary, Paul Chan, said at the Hong Kong Web3 Innovator Summit that the state has achieved all the legislative work required to set up a licensing framework for virtual asset service providers.
Related Story: Samsung To Launch Metaverse ETF on HKEX
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