Hong Kong crypto futures ETFs exceed $70M

Hong Kong crypto futures ETFs exceed $70M

Crypto futures exchange-traded funds (ETFs), managed by CSOP Asset Management, raised $73.6 million before being listed on the Hong Kong Stock Exchange on Dec.

The ETF provider announced that the CSOP Bitcoin Futures ETF has raised $53.8 million, while the CSOP Ether Futures ETF has raised $19.7 million in initial investments. announced. Both ETFs will manage to invest in Bitcoin (BTC) and Ether (ETH) futures listed on the Chicago Mercantile Exchange to track asset prices.

According to Tim McCourt, executive at CME Group, the listing of ETFs is indicative of increased client demand for exposure to Bitcoin and Ether. McCourt also noted that the introduction of funds could create new opportunities for institutional and individual investors.

Yi Wang, director of CSOP, said in an interview with Reuters that ETF trading has more security compared to token trading on unregulated platforms. used:

“Because ETFs do not invest in physical Bitcoin and are traded on regulated US and Hong Kong exchanges, there is more regulatory protection for investors than tokens traded on unregulated platforms.”

The executive also noted that despite the liquidity issues affecting some crypto platforms, the developments regarding the two crypto futures ETFs show that Hong Kong still has an open mind when it comes to the development of virtual assets.

You may be interested: Despite the collapse of FTX, institutional investors still keep their eyes on crypto

The Hong Kong regulator Securities and Futures Commission (SFC) announced on October 31 that it would allow the listing of ETFs linked to Bitcoin and Ether futures. The SFC also set some guidelines for ETF providers, including having a good track record and three years of experience managing ETFs.

Unlike China, Hong Kong seems to be aiming to slow down crypto trading. Cointelegraph also reported on October 21 that Hong Kong, a city and special administrative region of China, intends to separate its crypto regulatory approach from the crypto ban in mainland China.

Soruce : https://tr.cointelegraph.com/news/hong-kong-crypto-futures-etfs-raise-over-70m-ahead-of-debut

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