- Samsung Asset Management, ‘Bitcoin Futures Active ETF’ Listed in Hong Kong.
- The listing is shcheduled to take place on 13th of January.
- Hong Kong is the only market in Asia where ETFs can be traded.
The “Samsung Bitcoin (BTC) Futures Active ETFs” from Samsung Asset Management will soon be traded on the Hong Kong Stock Exchange, as per a recent announcement by the firm. The listing is scheduled to take place on January 13, 2023. The goal of the Samsung Bitcoin Futures Active Exchange Traded Fund is to give investors returns that are similar to those of buying Bitcoin on the spot market.
According to the report, the ETF’s primary investments are in Bitcoin futures that are traded on the Chicago Mercantile Exchange (CME), and it has also made some investments in CME Micro Bitcoin futures. Micro Bitcoin futures are financial products that allow investors to speculate on the price of Bitcoin in the future despite the small contract unit and margin requirements.
Hong Kong is currently the only market in Asia where ETFs can be traded. This demonstrates Hong Kong’s continued dominance in Bitcoin ETF holdings despite the city’s efforts to become a crypto hub spearheaded by its government. It is currently trying to entice crypto companies to set up shop in the area and register with the relevant financial authorities.
Canada, the United States, Australia, and some European countries like Switzerland are also potential markets for ETFs. Samsung Asset Management had both the Samsung Blockchain Technologies ETF and the Samsung Asia Pacific Metaverse ETF on the Hong Kong stock market.
At its current price of $18,148.39, Bitcoin (BTC) has gone up by 3.99%, which shows that traders are becoming more bullish. The cryptocurrency market as a whole also saw a rebound as this news spread to other digital currencies.
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