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Hong Kong Bitcoin, Ether Crypto ETFs Raise $79M In Shadow Of FTX Crisis
A pair of Hong Kong exchange-traded funds investing in Bitcoin and Ether futures raised $79 million as the city pushes ahead with a plan to become a crypto hub even as the sector globally reels from the FTX collapse.
7:22 16th Dec, 2022

The CSOP Bitcoin Futures and CSOP Ether Futures ETFs, due to be listed later Friday, achieved $59 million and $20 million of initial investment respectively, according to a statement from issuer CSOP Asset Management Ltd.

Billed as Asia’s first listed Bitcoin and Ether futures ETFs, the products offer the region a regulated environment for access to contracts traded on the CME Group Inc. platform, according to Bloomberg Intelligence.

Hong Kong earlier this year laid out a plan to become a top Asian crypto hub offering legalized retail trading and digital-asset ETFs, seeking to restore the city’s credentials as a financial center. The territory seems to be staying the course after indicating that recent crises show why investors would embrace a rule book offering transparency, compliance and investor protection.

Crypto exchange-traded products rocketed in popularity during 2021’s boom in token prices. But demand withered as digital assets tumbled into a rout and crypto firms like Sam Bankman-Fried’s FTX slid into bankruptcy.

A gauge of the top 100 tokens has tumbled more than 60% this year, compared with a less than 20% decline in global stocks over the same period.


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