Hong Kong debuts first crypto futures ETFs
Two substitute traded funds (ETF) that music U.S.-listed cryptocurrency futures like raised a blended $73.6 million before their debut on the Hong Kong inventory substitute on Friday in defiance of the field’s meltdown.
Cryptocurrencies like persevered months of turmoil, with the crumple of crypto substitute FTX the most contemporary blow to the field. Bitcoin, the finest cryptocurrency, has lost higher than 70% of its worth since hitting a file excessive in November 2021.
he ETFs, managed by CSOP Asset Administration, invest in bitcoin and ether futures listed on the CME substitute within the US, the thoroughly cryptocurrency sources currently popular by Hong Kong’s Securities and Futures Commission (SFC).
The higher of the 2, CSOP Bitcoin Futures ETF (3066.HK), pulled in $53.9 million, in accordance with the manager. That topped ProShares Bitcoin Formulation ETF , the first U.S. bitcoin futures ETF that debuted on the NYSE Arca substitute in October 2021 with $20 million of seed capital, in accordance with media stories.
“Coming after the most contemporary liquidity considerations affecting just among the crypto platforms, our two crypto futures ETFs prove that Hong Kong remains originate-minded on the approach of digital sources,” acknowledged Yi Wang, head of quantitative funding at CSOP.
Lawful sooner than FTX’s crumple final month, the SFC acknowledged in October it will probably perchance perchance well originate a session to allow retail traders to substitute cryptocurrencies and ETFs. The regulator had at the birth proposed limiting participation to legitimate traders.