CSOP Asset Management noted, “The cooperation with CSOP to launch the first virtual asset futures ETF in Hong Kong will provide investors with new options for financial management and investment.”
The Hong Kong Stock Exchange will list CSOP Asset Management’s Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) on December 16.
A few weeks ago, CSOP received approval from Hong Kong’s Securities and Futures Commission (SFC) to launch the two ETFs. CSOP Bitcoin Futures ETF (3066.HK) and CSOP Ether Futures ETF (3068.HK) will be the first of their kind in Asia.
According to the press release, both ETFs have the same listing price of HKD 7.75 per unit, with the Bitcoin Futures ETF pulling in $53.8M in initial investment. Meanwhile, the Ether Futures ETF raised $19.7M ahead of its listing.
The Bitcoin and Ether ETFs will be managed to invest in Chicago Mercantile Exchange’s Bitcoin and Ether futures to track their prices.
CSOP claimed this development will aid Hong Kong in becoming a crypto hub. The firm had earlier launched a Metaverse ETF in February. Referring to China’s ban on crypto, Yi Wang, Head of Management at CSOP, said,
“As the ETFs do not invest in physical bitcoin, and are traded on regulated U.S. and Hong Kong exchanges, there are more regulatory safeguards for investors compared to tokens traded on unregulated platforms.”
