MultiversX Tracker is Live!

Hong Kong Stock Exchange’s First Bitcoin Futures ETF Receives $53 Million Initial Investment

Bitcoin Magazine

Bitcoin News / Bitcoin Magazine 139 Views

The futures ETF will be the first of its kind available in Asia according to the asset manager, CSOP.

Investors in the Hong Kong Stock Exchange will be able to trade the CSOP Bitcoin Futures ETF (3066.HK) starting December 16 according to a press release. The ETF will track the Chicago Mercantile Exchange’s Bitcoin ETFs through active investment. It has received approximately $53 million in initial investments at a listing price of $1 (HKD 7.75).

The approval of the ETFs has both positive and negative connotations — while it signals acceptance amongst traditional finance in the Asian markets, it is not truly bitcoin in the sense that one cannot exchange the ETF shares for real bitcoin, nor is the ETF itself backed by a reserve of actual bitcoin. There are claims that such “paper bitcoin” can suppress the price of real bitcoin through diversion of demand.

The first bitcoin futures ETF approved in America, the NYSE-listed ProShares Bitcoin Strategy ETF, launched in October of 2021, with $1 billion in trading volume on its first day. Per the release, “In view of the increasing market acceptance of virtual assets, Hong Kong’s Securities and Futures Commission announced to allow the launch of ETFs tracking crypto futures for public offering on 31 October 2022, marking the first time Asian retail investors can get this type of exposure to virtual assets.”


Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.



Comments