Hong Kong Bitcoin ETF Receives 53 Million – Bitcoin Journal
Buyers within the Hong Kong Inventory Trade will have the ability to commerce the CSOP Bitcoin Futures ETF (3066.HK) beginning December 16 in keeping with a press launch. The ETF will monitor the Chicago Mercantile Trade’s Bitcoin ETFs by means of lively funding. It has acquired roughly $53 million in preliminary investments at an inventory worth of $1 (HKD 7.75).
The approval of the ETFs has each constructive and unfavourable connotations — whereas it alerts acceptance amongst conventional finance within the Asian markets, it’s not actually bitcoin within the sense that one can not change the ETF shares for actual bitcoin, neither is the ETF itself backed by a reserve of precise bitcoin. There are claims that such “paper bitcoin” can suppress the worth of actual bitcoin by means of diversion of demand.
The primary bitcoin futures ETF accredited in America, the NYSE-listed ProShares Bitcoin Technique ETF, launched in October of 2021, with $1 billion in buying and selling quantity on its first day. Per the discharge, “In view of the growing market acceptance of digital belongings, Hong Kong’s Securities and Futures Fee introduced to permit the launch of ETFs monitoring crypto futures for public providing on 31 October 2022, marking the primary time Asian retail traders can get such a publicity to digital belongings.”