Hong Kong launches trading of first crypto ETFs

On December 15, two exchange-traded funds linked to US-traded cryptocurrency futures began trading on the Hong Kong Stock Exchange. Reuters.

The funds are managed by CSOP Asset Management. The CSOP Bitcoin Futures ETF and CSOP Ethereum Futures ETF invest in Bitcoin and Ethereum futures on the CME.

Prior to its debut, the first fund attracted about $53.9 million — more than ProShares Bitcoin Strategy ETF ($20 million) in the U.S. market. The second ETF raised $19.7 million.

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“Since exchange-traded funds do not invest directly in cryptocurrencies and trade on regulated exchanges in the U.S. and Hong Kong, investors are provided with greater regulatory guarantees than holdings in tokens on platforms outside the oversight of authorities,” — said Yi Wang, head of quantitative investments at CSOP.

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Earlier in October, the Hong Kong Financial Services and Treasury Bureau promised to provide regulatory mechanisms and protections for buyers of digital-asset ETFs.

Earlier reports indicated that the SFC to allow retail investors to directly invest in cryptocurrencies.

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