The South Korean conglomerate has ventured into a Bitcoin Futures ETF amidst the increasing popularity of the crypto.
A Bitcoin Futures ETF is set to be launched in Hong Kong by none other than the South Korean behemoth, Samsung. Samsung Asset Management Hong Kong (SAMHK), a subsidiary of Samsung Asset Management, will be the company responsible for floating the “Samsung Bitcoin Futures Active ETF” on the Hong Kong stock exchanges. The new ETF will buy Chicago Mercantile Exchange’s (CME) futures products. It would mainly invest in CME Bitcoin Futures and some in CME Micro-Bitcoin Futures.
Hong Kong has been receiving newfound interest in crypto from both the government and private investors. Currently, Hong Kong is also the only Asian region allowing for the trading of Bitcoin futures ETFs. The new Samsung ETF would be the second, after the Hong Kong Crypto Futures ETF, to start trading in the market. Other regions allowing such trading include European countries like Switzerland, Canada, Australia, and the U.S.
The head of Samsung Asset Management Hong Kong, Park Seong-jin, said, “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.” The new Bitcoin ETF, coupled with the global popularity of Samsung, is expected to boost crypto adoption in Hong Kong and enable investors to invest in Bitcoin smoothly.