- January 12, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Samsung Asset Management received approval to list its bitcoin futures ETF (exchange-traded fund) on the Hong Kong Stock Exchange, and the listing will happen on January 13.
The Samsung Bitcoin Futures Active exchange-traded fund will invest in Bitcoin futures products that are traded on the Chicago Mercantile Exchange (CME). Its returns are expected to be about the same as spot Bitcoin.
Related Reading: How Samsung Could Enter Crypto Industry With Trading Platform
A local Korean news station has also confirmed that most of the Bitcoin futures exchange-traded fund investments will be in CME Bitcoin Futures, and some will be in CME Micro-Bitcoin Futures.
The head of Samsung Asset Management in Hong Kong, 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 Supporting Cryptocurrency
The government of Hong Kong is taking steps to transform the city into a global cryptocurrency hub. It is currently trying to get cryptocurrency businesses to set up offices in the area and register with the relevant financial authorities.
Related Reading: Grayscale: Decision In Bitcoin Spot ETF Lawsuit Vs. SEC Not Before Fall 2023
At the Hong Kong Web3 Innovator Summit this week, Paul Chan, Hong Kong’s Financial Secretary, said that the laws needed to set up a licensing system for virtual asset service providers have been passed.
In the last 24 hours, the price of Bitcoin has gone up above $18,000, which shows that investors are getting more optimistic. The rest of the cryptocurrency market eventually followed suit, showing signs of improvement.
Samsung Raised $12 Million for ETF From Major Investors
Samsung Asset Management raised $12 million from investors to launch the Hong Kong-based ETF. However, according to Terrence Ling, Samsung’s head of exchange-traded fund distribution in Hong Kong, blockchain technology’s broad applicability is confined to digital currencies like bitcoin. Keeping this in mind, the firm predicts that by 2025, 80% of the world’s population will use this technology, up from the present percentage of only 1%.
The head of Samsung Asset Management in Hong Kong, Park Seong-jin, says that Hong Kong is the only place BTC future exchange-traded funds are run and listed on institutional markets. As a result, BTC ETFs provide a fresh way for institutional and individual investors to ride the wave of crypto mania with exposure that reflects their specific risk management preferences.
Featured image from FxDailyReport, charts from TradingView.com.
