Samsung investment arm to launch Bitcoin Futures ETF amid rising crypto interest

In Hong Kong, the doorbell rings for Bitcoin (BTC). Samsung Asset Management Hong Kong (SAMHK), a subsidiary of Samsung's concern limb Samsung Asset Management, is acceptable to database the "Samsung Bitcoin Futures Active ETF" connected the Hong Kong banal marketplace connected Jan. 13.

The determination comes amid a surge successful interest from some the authorities and institutional investors successful the region.

The Hong Kong Stock Exchange. Source: thetradenews.com

The ETF, oregon exchange-traded fund, volition way the spot terms of Bitcoin by investing successful Bitcoin futures products listed connected the Chicago Mercantile Exchange (CME). The ETF volition chiefly put successful the CME Bitcoin Futures, with immoderate investments successful the CME Micro-Bitcoin Futures.

Currently, Hong Kong is the lone marketplace successful Asia wherever Bitcoin futures ETFs tin beryllium traded. The Samsung Bitcoin Futures ETF joins the Hong Kong Crypto Futures ETF, which began trading to the tune of $70 cardinal successful 2022. Other markets worldwide see Canada, the U.S., Australia, and immoderate European countries specified arsenic Switzerland.

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Park Seong-jin, caput of Samsung Asset Management Hong Kong, commented:

“Hong Kong is the lone marketplace successful Asia wherever Bitcoin futures ETFs are listed and traded successful the organization market. It volition beryllium a caller enactment for investors who are funny successful Bitcoin arsenic a competitory merchandise that reflects their acquisition successful hazard management.”

This ETF listing volition supply retail and organization investors with a caller mode to summation vulnerability to Bitcoin, which whitethorn assistance to pull much mainstream investors to the cryptocurrency space. With Samsung's estimation and marque power, the ETF could beryllium an charismatic enactment for investors who are looking for a mode to put successful Bitcoin without buying and holding their ain backstage keys directly.

The determination by Samsung comes arsenic the terms of Bitcoin surpassed the $18,000 level, indicating a imaginable emergence successful affirmative sentiment among traders. Other cryptocurrencies person besides followed suit, signaling a betterment successful the broader crypto market.

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In 2022, Samsung Asset Management Hong Kong Limited held $1.4 bn assets nether management, portion the globally recognized marque of Samsung continues to beryllium actively progressive successful the crypto space. The South Korean company, valued astatine implicit $300 billion, boasts a blockchain wallet portion the flagship smartphone, Galaxy S22 comes with a preinstalled crypto.

The ETF is simply a further denotation that the planetary marque is looking to capitalize connected the increasing involvement successful cryptocurrencies.