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Samsung Announces Bitcoin Futures ETF

Admin by Admin
January 12, 2023
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Samsung Asset Management announces plans to list the Bitcoin futures exchange-traded fund (ETF) on the Hong Kong stock market amid the rise in interest from retail and institutional investors in Hong Kong.

The Samsung Bitcoin Futures Active ETF will track the performance of spot Bitcoin price by investing in Bitcoin futures products listed on the Chicago Mercantile Exchange (CME). The Bitcoin futures ETF will primarily invest in the CME Bitcoin Futures, with some investments in the CME Micro-Bitcoin Futures.

Currently, Hong Kong is the only market in Asia where bitcoin futures ETFs can be traded. The other Bitcoin futures ETF markets include Canada, the U.S., Australia, and some European countries such as Switzerland. Samsung Asset Management earlier listed the Samsung Blockchain Technologies ETF and Samsung Asia Pacific Metaverse ETF in Hong Kong.

Hong Kong authorities are actively working to evolve the city into a crypto hub. It currently seeks crypto companies to register with the financial regulator and open offices in the city.

During the Hong Kong Web3 Innovator Summit this week, Hong Kong’s Financial Secretary Paul Chan confirmed that the authorities have completed the legislative work to set up a licensing regime for virtual asset service providers.

Bitcoin price surpassed the $18,000 level in the last 24 hours, indicating a rise in positive sentiment among traders. Other cryptocurrencies followed suit, recording a recovery in the broader crypto market.

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