Samsung Asset Management plans listing the “Samsung Bitcoin Futures Active ETF” in Hong Kong amid the crypto market recovery.
On January 13, Samsung Asset Management Hong Kong (SAMHK), a division of Samsung Asset Management, the company’s investment arm, plans to float the “Samsung Bitcoin Futures Active ETF” on the Hong Kong stock exchange.
The action is being taken in response to an increase in interest from the local government and institutional investors.
By investing in Bitcoin futures products offered on the Chicago Mercantile Exchange, the exchange-traded fund (ETF) will track the current price of Bitcoin (CME).
With some investments in the CME Micro-Bitcoin Futures, the ETF will predominantly invest in the CME Bitcoin Futures.The only market in Asia where Bitcoin futures ETFs may currently be traded is Hong Kong.
The Hong Kong Crypto Futures ETF, which started trading in 2022 with a $70 million market cap, is now joined by the Samsung Bitcoin Futures ETF. Canada, the United States, Australia, and several European nations like Switzerland are additional global marketplaces.
“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.”
Retail and institutional investors will have a new option to access Bitcoin thanks to this ETF filing, which might help draw more mainstream investors into the cryptocurrency industry.
The ETF may appeal to investors searching for a means to invest in Bitcoin without purchasing and holding their own private keys due to Samsung’s reputation and brand strength.
Samsung’s action comes after Bitcoin’s price topped $18,000, signaling a potential increase in traders’ positive sentiment. The market for cryptocurrencies as a whole has recovered as other cryptocurrencies have done the same.
Samsung Asset Management Hong Kong Limited had $1.4 billion in assets under management in 2022, and the company’s well-known brand is still very active in the cryptocurrency market.
The South Korean business, with a market capitalization of over $300 billion, claims a blockchain wallet, and its latest phone, the Galaxy S22, includes cryptocurrency preloaded.
The ETF is another another sign that the international company wants to profit from the rising interest in cryptocurrency.
