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Investing in cryptocurrency ETFs from major banks
Hong Kong customers of major bank HSBC (Hong Kong and Shanghai Banking Corporation) are now able to invest in ETFs (Exchange Traded Funds) related to crypto assets (virtual currencies) from the bank’s platform.
According to “Decrypt”, which interviewed HSBC, the following three products for Bitcoin (BTC) and Ethereum (ETH) can be invested at present.
- CSOP Bitcoin Futures ETF
- CSOP Ethereum Futures ETF
- Samsung Bitcoin Futures Active ETF
In addition, Decrypt reported that it became possible to invest from the mobile application on the 26th, while CoinDesk reported that it was actually possible to invest after listing on the Hong Kong Stock Exchange. Therefore, it is unclear when HSBC launched the above ETFs. According to CoinDesk, HSBC is making all listed ETFs available for trading.
All three of the ETFs mentioned above are financial products that invest in futures. Two CSOP ETFs were listed on the Hong Kong Stock Exchange in December last year, and Samsung’s in January this year.
connection: Hong Kong’s first Bitcoin/Ethereum ETF to be listed today
connection: Samsung Asset Management to list “Bitcoin Futures ETF” on the Hong Kong stock market
What are ETFs?
Abbreviation for “Exchange Traded Fund”. Many financial products are offered other than virtual currency.
Cryptocurrency Glossary
Focus on virtual currency area
Hong Kong is currently attracting attention from the cryptocurrency space. Hong Kong, which aims to become a cryptocurrency hub, also launched new regulations on exchanges this month.
Hong Kong’s Securities and Futures Commission (SFC) has also authorized exchanges to offer services to retail investors if conditions are met. Some speculate that Hong Kong, China’s Special Administrative Region (SAR), could serve as a touchstone for whether China will approve cryptocurrencies in the future.
connection: Chinese state TV reports Hong Kong cryptocurrency news, commented by Binance CZ
Financial products such as ETFs are also attracting attention, and a major reason for this is trends in the United States. Until now, the U.S. Securities and Exchange Commission (SEC) has not approved a physical Bitcoin ETF, but BlackRock, the largest asset manager, has applied after incorporating a mechanism to alleviate the SEC’s concerns. As a result, interest is growing. In the United States, companies that were previously denied approval by the SEC have also reapplied.
connection: Bitcoin spot ETF, 3 new companies apply, re-challenge in response to SEC concerns
In the US, futures ETFs have already been approved and listed by the SEC. Physical types are getting more attention from investors because they actually hold bitcoins.
connection: What is an exchange traded trust “Bitcoin ETF”? | Why the application of BlackRock attracts attention
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