Samsung Asset Management Hong Kong (SAMHK) plans to launch its “Samsung Bitcoin Futures Active ETF” on the Hong Kong Stock Exchange.
The listing is set to take place this month, allowing investors to receive new pathways to buying and selling Bitcoin.
Samsung’s exchange-traded fund (ETF) tracks spot prices for cryptocurrencies such as Bitcoin with futures. The securities are listed on the Chicago Mercantile Exchange (CME) and will invest in CME Bitcoin and Micro-Bitcoin futures.
The news follows developments in the East Asian finance hub, where the government and numerous banks have voiced interest in adopting cryptocurrency.
Hong Kong is the only Asia-based trading hub for Bitcoin futures ETF and also hosts the Hong Kong Crypto Futures FTF, valued at $70 million last year.
Globally, the United States, Canada, Australia, and several European Union countries have Bitcoin futures ETFs.
Comment on Crypto Futures
According to Park Seong-Jin, Samsung’s chief of Asset Management in Hong Kong,
“Hong Kong is the only market in Asia where Bitcoin futures ETFs are listed and traded in the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive product that reflects their experience in risk management.”
The ETF will also offer investors in retail fresh opportunities to trade Bitcoin and attract people to crypto markets without the need to hold private keys, reports say.
The news comes just after Bitcoin rallied over $18,000 amid the ongoing bear cryptocurrency market. Numerous other digital coins have faced similar gains.
Despite ongoing concerns with the cryptocurrency sector and tightening regulations, many have begun seeing a rebound in BTC’s value. The digital coin began to climb amid strong data on job growth in the US, allowing the cryptocurrency to recoup its value.
