Hong Kong Stock Exchange Receives $53 Million in Initial Investment for the First Bitcoin Futures ETF

The futures ETF will be the first of its kind available in Asia according to the asset manager, CSOP.Author:BtcCaseyPublish date:Dec 15, 2022The futures ETF will be the first of its kind available in Asia according to the asset manager, CSOP.Investors in the Hong Kong Stock Exchange will be able to trade the CSOP Bitcoin Futures ETF (3066.HK) starting December 16 according to a press release. The ETF will track the Chicago Mercantile Exchange’s Bitcoin ETFs via active investment. It has received $53 million in initial investments, at a listing price $1 (HKD 7.75). The ETF is not bitcoin in that one cannot exchange ETF shares for actual bitcoin and the ETF itself is not backed by any bitcoin. Some claim that paper bitcoin can distort demand and suppress real bitcoin’s price. The NYSE-listed ProShares Bitcoin Strategy ETF was the first bitcoin futures ETF to be approved in America. It launched in October 2021 with $1 billion in trading volume its first day. According to the release, “In light of increasing market acceptance for virtual assets, Hong Kong’s Securities and Futures Commission announced that they would allow the launch ETFs tracking crypto-futures for public offering on 31 Oct 2022. This marks the first time Asian retail investors will have this type of exposure to virtual asset.” Tagsterms:FuturesHong kong stock exchangeAsiaHong KongETF

 

Add a Comment

Your email address will not be published. Required fields are marked *