2 years ago
Samsung’s plus absorption limb has launched a bitcoin futures exchange-traded money (ETF). The caller actively managed ETF is listed and traded connected the Hong Kong banal exchange. It seeks “to supply economical vulnerability to the worth of bitcoin,” Samsung detailed.
Samsung’s Bitcoin Futures ETF
Samsung Asset Management (Hong Kong) Ltd., a wholly owned subsidiary of Samsung Asset Management, a subordinate of the Samsung Group of companies, launched a bitcoin futures exchange-traded money (ETF) connected Friday called “Samsung Bitcoin Futures Active ETF.”
The caller ETF is simply a sub-fund of Samsung ETFs Trust III, an umbrella portion spot established nether Hong Kong law, the institution detailed, adding:
The concern nonsubjective of the sub-fund is to question to supply economical vulnerability to the worth of bitcoin by investing predominately successful front-month bitcoin futures contracts and/or micro bitcoin futures contracts traded connected the Chicago Mercantile Exchange (CME).
Samsung explained that the actively managed bitcoin futures ETF paves the mode “for concern successful aboriginal crypto-technology adoption.” However, the institution noted that the money “does not put straight successful bitcoin and volition not person immoderate bitcoin from bitcoin futures connected CME.” CME is regulated by the U.S. Commodity Futures Trading Commission (CFTC).
While bitcoin is priced successful U.S. dollars, units of the Samsung Bitcoin Futures Active ETF are listed and traded successful Hong Kong dollars connected the Stock Exchange of Hong Kong (SEHK), the institution clarified.
The bitcoin futures ETF is managed by Samsung Asset Management (Hong Kong) Ltd. portion HSBC Institutional Trust Services (Asia) Ltd. is the fund’s trustee and registrar. The money “will participate into and person vulnerability of up to 100%” of its nett plus worth (NAV) successful Bitcoin Futures connected CME, the institution added.
The recently launched ETF is not Samsung Asset Management’s lone crypto-related fund. In June past year, the Hong Kong steadfast launched “Samsung Blockchain Technologies ETF” and “Samsung Asia Pacific ex NZ Metaverse Theme ETF.”
What bash you deliberation astir Samsung Asset Management launching a bitcoin futures ETF? Let america cognize successful the comments conception below.
Kevin Helms
A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.
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