Samsung Unveils Bitcoin Futures ETF Amid Escalating Crypto Interest

Samsung Asset Management received approval to list its bitcoin futures ETF (exchange-traded fund) on the Hong Kong Stock Exchange, and the listing will occur on January 13.

The Samsung Bitcoin Futures Energetic exchange-traded fund will put money into Bitcoin futures products which can be traded on the Chicago Mercantile Exchange (CME).  Its returns are expected to be concerning the same as spot Bitcoin.

Related Reading: How Samsung Could Enter Crypto Industry With Trading Platform

An area Korean news station has also confirmed that almost all of the Bitcoin futures exchange-traded fund investments shall be in CME Bitcoin Futures, and a few shall be in CME Micro-Bitcoin Futures.

The top of Samsung Asset Management in Hong Kong, Park Seong-jin, said:

Hong Kong is the one market in Asia where bitcoin futures ETFs are listed and traded within the institutional market. It should be a brand new option for investors who’re all in favour of Bitcoin as a competitive product that reflects their experience in risk management.

Hong Kong Supporting Cryptocurrency

The federal government of Hong Kong is taking steps to remodel the town into a world cryptocurrency hub. It’s currently attempting to get cryptocurrency businesses to establish offices in the world and register with the relevant financial authorities.

Related Reading: Grayscale: Decision In Bitcoin Spot ETF Lawsuit Vs. SEC Not Before Fall 2023

On the Hong Kong Web3 Innovator Summit this week, Paul Chan, Hong Kong’s Financial Secretary, said that the laws needed to establish a licensing system for virtual asset service providers have been passed.

Within the last 24 hours, the value of Bitcoin has gone up above $18,000, which shows that investors are getting more optimistic. The remaining of the cryptocurrency market eventually followed suit, showing signs of improvement.

BTC price within the day by day chart | Chart: TradingView.com

Samsung Raised $12 Million for ETF From Major Investors

Samsung Asset Management raised $12 million from investors to launch the Hong Kong-based ETF. Nevertheless, based on Terrence Ling, Samsung’s head of exchange-traded fund distribution in Hong Kong, blockchain technology’s broad applicability is confined to digital currencies like bitcoin. Keeping this in mind, the firm predicts that by 2025, 80% of the world’s population will use this technology, up from the current percentage of only one%.

The top of Samsung Asset Management in Hong Kong, Park Seong-jin, says that Hong Kong is the one place BTC future exchange-traded funds are run and listed on institutional markets. Consequently, BTC ETFs provide a fresh way for institutional and individual investors to ride the wave of crypto mania with exposure that reflects their specific risk management preferences.

Featured image from FxDailyReport, charts from TradingView.com.

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