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WebsCrypto—News—Bitcoin News—Samsung’s Asset Management Arm Launches Bitcoin Futures ETF in Hong Kong
Bitcoin News

Samsung’s Asset Management Arm Launches Bitcoin Futures ETF in Hong Kong

By Simon LawsonJanuary 16, 2023
Samsung's Asset Management Arm Launches Bitcoin Futures ETF in Hong Kong
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Samsung Asset Management (Hong Kong) Ltd., a wholly owned subsidiary of Samsung Asset Management, a member of the Samsung Group of companies, has launched a Bitcoin futures exchange-traded fund (ETF) on Friday called “Samsung Bitcoin Futures Active ETF”. The ETF is listed and traded on the Hong Kong stock exchange, and seeks “to provide economic exposure to the value of Bitcoin,” as Samsung detailed.

Investment Objective

The investment objective of the sub-fund is to seek to provide economic exposure to the value of Bitcoin by investing predominantly in front-month Bitcoin futures contracts and/or micro Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME). Samsung explained that the actively managed Bitcoin futures ETF paves the way “for investment in future crypto-technology adoption.” However, the company noted that the fund “does not invest directly in Bitcoin and will not receive any Bitcoin from Bitcoin futures on CME.”

Regulatory Framework

CME is regulated by the U.S. Commodity Futures Trading Commission (CFTC).The Bitcoin futures ETF is managed by Samsung Asset Management (Hong Kong) Ltd. while HSBC Institutional Trust Services (Asia) Ltd. is the fund’s trustee and registrar. The fund “will enter into and have exposure of up to 100%” of its net asset value (NAV) in Bitcoin Futures on CME, the company added.

Pricing and Trading

While Bitcoin is priced in U.S. dollars, units of the Samsung Bitcoin Futures Active ETF are listed and traded in Hong Kong dollars on the Stock Exchange of Hong Kong (SEHK), the company clarified.

Related:  Bitcoin’s Drop Below $23K Mark Results in Over $200 Million in Long Liquidations

Previous Crypto-Related Funds

The newly launched ETF is not Samsung Asset Management’s only crypto-related fund. In June last year, the Hong Kong firm launched “Samsung Blockchain Technologies ETF” and “Samsung Asia Pacific ex NZ Metaverse Theme ETF.”

With this launch, Samsung has taken a step further in providing economic exposure to the value of Bitcoin. The actively managed ETF is expected to pave the way for investment in future crypto-technology adoption. However, it’s important to note that the fund does not invest directly in Bitcoin and will not receive any Bitcoin from Bitcoin futures on CME. As the ETF is listed and traded on the Hong Kong Stock Exchange, it will be interesting to see how it performs in the market.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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