Key Takeaways:
- Hong Kong will launch Asia’s first inverse Bitcoin ETF, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK), on July 23.
- The ETF allows investors to profit from declines in Bitcoin’s price by replicating the inverse daily performance of the S&P Bitcoin Futures Index.
- It will be listed on the Hong Kong Stock Exchange with an initial price of around 7.8 HKD per unit.
Hong Kong will launch Asia’s first inverse Bitcoin ETF, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK), on July 23.
This ETF, from China Southern Asset Management Co., Ltd (CSOP), allows investors to profit from declines in Bitcoin’s price.
JUST IN: 🇭🇰 Asia’s first inverse #Bitcoin ETF to go live tomorrow in Hong Kong. pic.twitter.com/HSV28BZd2l
— Bitcoin Magazine (@BitcoinMagazine) July 22, 2024
It follows the successful launch of the CSOP Bitcoin Futures ETF in December 2022.
The inverse ETF aims to replicate the inverse daily performance of the S&P Bitcoin Futures Index by investing in spot-month CME Bitcoin Futures.
It will be listed on the Hong Kong Stock Exchange with an initial price of around 7.8 HKD per unit.
Since late 2022, HKEX has traded spot crypto ETFs, including CSOP’s Bitcoin Futures ETF and Ether Futures ETF, with a combined 1.3 billion HKD in assets under management as of April 29.
Additionally, the Hong Kong Securities and Futures Commission (HK SFC) recently warned against seven crypto exchanges operating illegally without licenses to prevent fraud and scams.
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