Samsung investment arm to launch Bitcoin Futures ETF amid growing interest in crypto

[ad_1]

In Hong Kong, the bell is ringing for Bitcoin (BTC). Samsung Asset Management Hong Kong (SAMHK), a subsidiary of Samsung’s investment arm, Samsung Asset Management, is expected to list the Samsung Bitcoin Futures Active ETF on the Hong Kong stock exchange on January 13.

The move comes amid renewed interest from government and institutional investors in the region.

The Hong Kong Stock Exchange. Source: Trade

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 primarily invest in CME Bitcoin Futures, with some investments in CME Micro-Bitcoin Futures.

Currently, Hong Kong is 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 started trading at $70 million in 2022. Other markets around the world include Canada, the United States, Australia and some European countries like Switzerland.

Vote now!

Park Seong-jin, Head 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 reflecting their experience in risk management.

This list of ETFs will offer retail and institutional investors a new way to gain exposure to Bitcoin, which could help attract more traditional 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 directly purchasing and holding their own private keys.

Samsung’s move comes as Bitcoin price surged above the $18,000 level, indicating a potential increase in positive sentiment among traders. Other cryptocurrencies have also followed suit, seeing a rally in the broader crypto market.

Related: Bitcoin Mining ETF Leads Equity ETF Market in New Year’s Performance Charts

In 2022, Samsung Asset Management Hong Kong Limited had $1.4 billion in assets under management, while the globally recognized Samsung brand continues to be actively involved in the crypto space. Its flagship smartphone, the Galaxy S22, comes with a pre-installed blockchain wallet.

The ETF is a further indication that the global brand with a market capitalization of $300 billion is looking to capitalize on the growing interest in cryptocurrencies.

[ad_2]