Hong Kong Stock Exchange’s First Bitcoin Futures ETF Receives $53 Million Initial Investment

Investors successful the Hong Kong Stock Exchange volition beryllium capable to commercialized the CSOP Bitcoin Futures ETF (3066.HK) starting December 16 according to a property release. The ETF volition way the Chicago Mercantile Exchange’s Bitcoin ETFs done progressive investment. It has received astir $53 cardinal successful archetypal investments astatine a listing terms of $1 (HKD 7.75).

The support of the ETFs has some affirmative and antagonistic connotations — portion it signals acceptance amongst accepted concern successful the Asian markets, it is not genuinely bitcoin successful the consciousness that 1 cannot speech the ETF shares for existent bitcoin, nor is the ETF itself backed by a reserve of existent bitcoin. There are claims that specified “paper bitcoin” tin suppress the terms of existent bitcoin done diversion of demand.

The archetypal bitcoin futures ETF approved successful America, the NYSE-listed ProShares Bitcoin Strategy ETF, launched successful October of 2021, with $1 cardinal successful trading measurement connected its archetypal day. Per the release, “In presumption of the expanding marketplace acceptance of virtual assets, Hong Kong’s Securities and Futures Commission announced to let the motorboat of ETFs tracking crypto futures for nationalist offering connected 31 October 2022, marking the archetypal clip Asian retail investors tin get this benignant of vulnerability to virtual assets.”