CSOP’s Bitcoin and Ether ETFs Begin Trading on Hong Kong Stock Exchange (HKEX)

UTC by Mayowa Adebajo · 2 min read
CSOP’s Bitcoin and Ether ETFs Begin Trading on Hong Kong Stock Exchange (HKEX)
Photo: Depositphotos

CSOP Asset Management’s Bitcoin and Ether ETFs has started trading on on the HKEX.

For the first time ever, the Hong Kong Stock Exchange has listed Bitcoin and Ether futures exchange-traded funds (ETFs) issued by CSOP Asset Management. They are the CSOP Bitcoin Futures ETF and CSOP Ether Futures ETF. According to a Thursday announcement by the ETF issuer, the ETFs will track Bitcoin and Ether futures already listed on the Chicago Mercantile Exchange (CME), albeit respectively.

Bitcoin and Ether ETFs

Meanwhile, the global head of equity and FX products at CME, Tim McCourt has shared his excitement about the new development. He says it represents an important milestone for digital assets, at least, as far as the Asian region is concerned.

McCourt did not fail to recognize that the listing of the ETFs highlights the intense growth and very high demand for exposure to both Bitcoin and Ether. According to him, there has been a 20% increase in average daily volume for both, so far in 2022. That is in comparison to their average daily volume last year.

Finally, McCourt believes that the introduction of the funds could open up new investment opportunities for both institutions and individual investors alike.

Crypto ETFs Raise Nearly $75 Million in Investment amid Renewed Scrutiny

It is also worth mentioning that the CSOP Bitcoin and Ether ETFs raked in nearly $75 million in initial investments. Its CSOP Bitcoin Futures ETF saw about $54 million, while the CSOP Ether Futures ETF raked in $20 million or thereabout. Interestingly, the massive investment comes at a time when there is a slump in crypto prices amid the collapse of a major industry giant like the FTX exchange.

Despite the impressive amount of interest indicated by the investments these funds got, crypto-based ETFs might have a challenge. They have recently come under the spotlight, causing some ETF issuers to take drastic actions. For instance, Cosmos Asset Management announced its decision to delist three ETFs in November.

More recently, VanEck CEO Jan van Eck said his firm was reviewing the Digital Asset Mining ETF, which mysteriously lost a large part of its market cap.

Altcoin News, Bitcoin News, Cryptocurrency News, Ethereum News, Funds & ETFs
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