Samsung Asset Management received approval to list its bitcoin futures ETF (exchange-traded fund) on the Hong Kong Stock Exchange, and will be listed on January 13.
The Samsung Bitcoin Futures Active exchange-traded fund will invest in Bitcoin futures products traded on the Chicago Mercantile Exchange (CME). Its returns are expected to be roughly the same as Bitcoin spot.
Related Reading: How Samsung Could Enter The Crypto Industry With A Trading Platform
A local Korean news station has also confirmed that most of the Bitcoin futures ETFs’ investments will be in CME Bitcoin Futures, and some will be in CME Micro-Bitcoin Futures.
Samsung Hong Kong Asset Management Director Park Seong-jin said:
Hong Kong is the only market in Asia where bitcoin futures ETFs are listed and traded on the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive commodity that reflects their risk management expertise.
Hong Kong Support Cryptocurrency
The Hong Kong government is taking steps to transform the city into a global cryptocurrency hub. He is currently trying to get cryptocurrency companies to set up offices in the area and register with the relevant financial authorities.
Related Reading: Greyscale: Decision in Bitcoin Spot ETF Demand Vs. SEC no earlier than fall 2023
At the Hong Kong Web3 Innovators Summit this week, Paul Chan, Hong Kong’s Financial Secretary, said necessary laws have been passed to establish a licensing system for virtual asset service providers.
In the last 24 hours, the price of Bitcoin has risen above $18,000, showing that investors are becoming more bullish. The rest of the cryptocurrency market eventually followed suit, showing signs of improvement.
Samsung raised $12 million for ETFs from top investors
Samsung Asset Management raised $12 million from investors to launch the Hong Kong-based ETF. However, according to Terrence Ling, head of Samsung ETF distribution in Hong Kong, the broad applicability of blockchain technology is limited to digital currencies like bitcoin. With this in mind, the firm predicts that by 2025, 80% of the world’s population will use this technology, compared to the current percentage of only 1%.
Hong Kong head of Samsung Asset Management Park Seong-jin says Hong Kong is the only place where BTC futures ETFs are managed and listed on institutional markets. As a result, BTC ETFs provide a new way for institutional and individual investors to ride the wave of cryptomania with exposure that reflects their specific risk management preferences.
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