Samsung’s investment arm to launch Bitcoin Futures ETF amid growing interest in cryptocurrencies

In Hong Kong, bells are ringing in favor of Bitcoin (BTC). Samsung Asset Administration Hong Kong (SAMHK), a subsidiary of Samsung’s funding arm Samsung Asset Administration, is scheduled to checklist the “Samsung Bitcoin Futures Energetic ETF” on the Hong Kong inventory trade on January 13.

The transfer comes amid elevated curiosity from each the federal government and institutional buyers within the area.

The Hong Kong Inventory Alternate. Supply:

The ETF, or exchange-traded fund, will observe the spot worth of Bitcoin by investing in Bitcoin futures merchandise listed on the Chicago Mercantile Alternate (CME). The ETF will make investments primarily in CME bitcoin futures, with some investments in CME Micro-Bitcoin Futures.

Hong Kong is at the moment the one market in Asia the place Bitcoin futures ETFs could be traded. The Samsung Bitcoin Futures ETF joins the Hong Kong Crypto Futures ETF, which started buying and selling in 2022 with $70 million. Different markets world wide embrace Canada, the US, Australia, and a few European international locations comparable to Switzerland.

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Park Seong-jin, director of Samsung Asset Administration Hong Kong, commented:

“Hong Kong is the one market in Asia the place Bitcoin futures ETFs are listed and traded on the institutional market. It is going to be a brand new possibility for buyers who’re occupied with Bitcoin as a aggressive product that displays their experience in threat administration.”

This ETF will present retail and institutional buyers with a brand new strategy to get publicity to Bitcoin, which can assist entice extra mainstream buyers to the cryptocurrency house. With Samsung’s popularity and model energy, the ETF may very well be a sexy possibility for buyers in search of a strategy to spend money on Bitcoin with out shopping for and holding their very own non-public keys instantly.

Samsung’s transfer comes because the Bitcoin worth has breached the $18,000 stage, signaling a attainable rise in optimistic sentiment amongst merchants. Different cryptocurrencies have additionally adopted go well with, recording a rally within the broader cryptocurrency market.

In 2022, Samsung Asset Administration Hong Kong Restricted Managed $1.4 Billion Belongings Whereas Globally Acknowledged Samsung Model Stays Energetic In Cryptocurrency Area. The South Korean firm, valued at greater than USD 300 billion, has a blockchain pockets, whereas the flagship smartphone, Galaxy S22 comes with a crypto pre-installed.

The ETF is one more indication that the worldwide model is seeking to capitalize on the rising curiosity in cryptocurrencies.

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