In Hong Kong, bells are ringing in favor of Bitcoin (BTC). Samsung Asset Management Hong Kong (SAMHK), a subsidiary of Samsung’s investment arm Samsung Asset Management, is scheduled to list the “Samsung Bitcoin Futures Active ETF” on the Hong Kong stock exchange on January 13.
The move comes amid increased interest from both the government and institutional investors in the region.
The ETF, or exchange-traded fund, will track the spot price of Bitcoin by investing in Bitcoin futures products listed on the Chicago Mercantile Exchange (CME). The ETF will invest primarily in CME bitcoin futures, with some investments in CME Micro-Bitcoin Futures.
Hong Kong is currently the only market in Asia where Bitcoin futures ETFs can be traded. The Samsung Bitcoin Futures ETF joins the Hong Kong Crypto Futures ETF, which began trading in 2022 with $70 million. Other markets around the world include Canada, the United States, Australia, and some European countries such as Switzerland.
Park Seong-jin, director of Samsung Asset Management Hong Kong, commented:
“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 product that reflects their expertise in risk management.”
This ETF will provide retail and institutional investors with a new way to get exposure to Bitcoin, which may help attract more mainstream investors to the cryptocurrency space. With Samsung’s reputation and brand power, the ETF could be an attractive option for investors looking for a way to invest in Bitcoin without buying and holding their own private keys directly.
Samsung’s move comes as the Bitcoin price has breached the $18,000 level, signaling a possible rise in positive sentiment among traders. Other cryptocurrencies have also followed suit, recording a rally in the broader cryptocurrency market.
In 2022, Samsung Asset Management Hong Kong Limited Managed $1.4 Billion Assets While Globally Recognized Samsung Brand Remains Active In Cryptocurrency Space. The South Korean company, valued at more than USD 300 billion, has a blockchain wallet, while the flagship smartphone, Galaxy S22 comes with a crypto pre-installed.
The ETF is yet another indication that the global brand is looking to capitalize on the growing interest in cryptocurrencies.
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