Samsung’s SAMHK to Debut Bitcoin Futures ETF in Hong Kong
- Samsung Asset Management Hong Kong (SAMHK), a division of the tech firm’s investment arm, is set to debut a Bitcoin futures ETF.
- The “Samsung Bitcoin Futures Active ETF” will debut on the Hong Kong stock exchange on January 13.
- The ETF is designed to track the spot price of BTC by investing in its futures products listed on the Chicago Mercantile Exchange.
- This new ETF listing will offer retail and institutional investors a new way to gain exposure to bitcoin.
As interest in Bitcoin exchange-traded funds (ETFs) continues to rise, Samsung Asset Management Hong Kong (SAMHK), a division of Samsung’s investment arm, Samsung Asset Management, announces the launch of the “Samsung Bitcoin Futures Active ETF” on the Hong Kong stock exchange.
The Samsung Bitcoin Futures Active ETF will launch on January 13, providing local investors a mainstream avenue for indirect Bitcoin price exposure.
According to a report by Fortune Korea, the newly-launched ETF is designed to track the spot price of the world’s biggest cryptocurrency by investing in its futures products listed on the Chicago Mercantile Exchange (CME). The ETF will largely invest in the CME Bitcoin Futures, in addition to limited investments in the CME Micro-Bitcoin Futures.
It is important to note that the Hong Kong Crypto Futures ETF, which started trading in 2022 with a $70 million market cap, created massive interest from both institutional investors and the government in the region and is now joined by the Samsung Bitcoin Futures ETF.
This new ETF listing will offer retail and institutional investors a new way to gain exposure to bitcoin, which might help attract more conventional investors into the cryptocurrency industry.
With the world’s leading manufacturing conglomerate’s brand and reputation, the ETF may appeal to investors searching for a means to invest in bitcoin without buying and maintaining their unique private keys. Commenting on the new launch and the possibilities in Hong Kong, the head of Samsung Asset Management Hong Kong, Park Seong-jin, stated:
“Hong Kong is the only market in Asia where Bitcoin futures ETFs are listed and traded in the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive product that reflects their experience in risk management.”
Notably, Canada, the United States, Australia, and several European nations like Switzerland are other global marketplaces where Bitcoin Futures ETFs are listed.
The newly-launched ETF clearly indicates that Samsung, with a market capitalization of $300 billion, is looking to capitalize on the growing interest in the blockchain technology and cryptocurrencies.
Notably, in 2022, Samsung Asset Management Hong Kong Limited held $1.4 billion worth of assets under management, and the company’s well-known global brand is still well positioned in the cryptocurrency industry. Interestingly, its flagship smartphone, the Samsung Galaxy S22, has a preinstalled blockchain wallet.
It is crucial to note that the tech giant has started investing in blockchain technology and cryptocurrencies recently despite the fact that tech giants like Apple remain speculative of digital assets. As earlier reported by Bitnation, the company announced that it would leverage blockchain technology to build a security service for its devices and introduced the Samsung Knox Matrix, a security platform, would provide top-notch security features used by leading agencies. Moreover, the company also started producing its three-nanometer chips (3nm) used in Bitcoin mining which are suitable for certain integrated circuits (ASICs).