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Market News Amid crypto turmoil, Hong Kong debuts first crypto futures ETFs

Amid crypto turmoil, Hong Kong debuts first crypto futures ETFs

In defiance of the sector's collapse, two exchange traded funds (ETFs) that track U.S.-listed cryptocurrency futures have raised a combined $73.6 million ahead of their debut on the Hong Kong stock exchange on Friday.

Lorna Divakar

2022-12-16

470

The bankruptcy of the cryptocurrency exchange FTX was the most recent blow to the industry after months of upheaval for cryptocurrencies. The value of Bitcoin, the largest cryptocurrency, has decreased by more than 70% since it reached a record high in November 2021.

The only cryptocurrency assets currently approved by Hong Kong's Securities and Futures Commission are the ETFs, administered by CSOP Asset Management, which invest in bitcoin and ether futures listed on the CME exchange in the United States (SFC).

According to the manager, CSOP Bitcoin Futures ETF, the bigger of the two, brought in $53.9 million. According to news reports, that outperformed ProShares Bitcoin Strategy ETF, the first U.S. bitcoin futures ETF, which made its debut on the NYSE Arca exchange in October 2021 with $20 million in seed money.

According to Yi Wang, head of quantitative investment at CSOP, "Coming after the recent liquidity concerns affecting some of the crypto platforms, our two crypto futures ETFs illustrate that Hong Kong remains open-minded on the development of virtual assets."

The SFC announced in October that it will begin a consultation to let ordinary investors to trade cryptocurrencies and ETFs, which came just before FTX's demise last month. Initially, the regulator had advocated limiting participation to accredited investors.

In contrast to tokens traded on unregulated platforms, Wang added, "ETFs do not invest in physical bitcoin and are exchanged on regulated U.S. and Hong Kong exchanges, providing investors with stronger regulatory safeguards.

Each lot beginning trading on the Hong Kong Exchanges & Clearing (HKEX) on Friday will be priced at HK$780.

According to the ETFs' product document submitted to the HKEX, "The price of bitcoin may be prone to manipulation as a large share is held by a small number of individuals" and the CME futures could go to zero.