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Hong Kong's New Bitcoin and Ether Futures ETFs Raise $79 Million in Trading Debut
The Hong Kong Stock Exchange now has its first two cryptocurrency funds.
Asset manager CSOP says its bitcoin and ether ETFs have raised nearly $79 million as they debut today on the Hong Kong stock exchange.
The fund manager launched new bitcoin and ether futures exchange-traded funds (ETF) that began trading on the Hong Kong Stock Exchange on Dec. 16, according to a press release. They will be the first listed bitcoin and ether futures ETFs available in Asia, according to CSOP.
STORY CONTINUES BELOW
The launch is notable since the Chinese government officially banned crypto trading and mining in September 2021, though Hong Kong currently maintains an autonomous financial and legal system. The two new funds will be actively managed to invest in Chicago Mercantile Exchange (CME Group)-listed bitcoin and ether futures to track their respective prices.
“The approval of two new ETFs based on CME Bitcoin and Ether futures marks an important milestone for the digital asset ecosystem in Asia,” said Tim McCourt, CME Group’s Global Head of Equity and FX Products, in a statement.
CSOP had previously launched Hong Kong’s first Metaverse ETF, which was listed on the HK Stock Exchange in February.
The first bitcoin futures exchange-traded funds in the U.S. were approved last year, and while a number of spot bitcoin funds have been submitted for approval to the SEC, none have been approved thus far.
ProShares' Bitcoin Strategy ETF, a bitcoin futures ETF launched in the U.S. last year, attracted more than $1 billion during its first two days of trading at the height of the bull market. In the year since it launched, the ETF has attracted inflows of $1.8 billion, and outflows of $619 million despite the underlying value of bitcoin declining by nearly 70% in the same time period.
UPDATE (Dec 16, 3:03 UTC): Updates throughout
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
