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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

This Asset Management Firm Raises Over $70 Million Amid Crypto Winter

Sarah
Sarah
2 years ago
2 mins read
This Asset Management Firm Raises Over $70 Million Amid Crypto Winter

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Cryptocurrency exchange-traded products are gaining traction due to their benefits to investors. These products expose investors to the crypto market without owning the underlying asset. Investing in ETFs allows users to enjoy institutional custody and transparent and simplified trading through brokerage accounts.

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Crypto assets are highly volatile, with complex trading rudiments. Therefore most investors find it more comfortable investing in ETFs as they protect them from direct exposure to risks in digital asset trading. Due to these benefits, crypto exchange-traded products have gained more traction.

In a press release, CSOP revealed that its Bitcoin Futures ETF bagged $53.8 million, while the Ether Futures ETF got $19.7 million in initial investments. As per the report, the $73.6 million is for the firm’s listing in the Hong Kong stock exchange holding. The two ETFs will be invested in Bitcoin and Ethereum futures listed on the Chicago Mercantile Exchange to follow the asset prices.

Tim McCourt, an executive at CME Group, commented on the development. According to him, the ETFs listing indicates the increasing demand for Bitcoin and Ether exposure. McCourt noted that introducing the funds may open new opportunities for institutional and retail investors.

ETFs Are Safer Than Trading Crypto Assets, Says Yi Wang

In an interview with Reuters, Yi Wang, an executive at CSOP, gave his statement regarding the ETFs. Wang said the ETFs are safer than trading digital assets on unregulated platforms. He believes the ETFs are more secure since they do not invest in physical Bitcoin and trade on regulated US and Hong Kong exchanges.

Wang noted that the development of the two ETFs shows that Hong Kong is open to virtual asset innovations despite the liquidity issues on some digital exchanges. Previously on Oct. 31, 2022, the Hong Kong regulator, the Securities and Futures Commission (SFC), said it would allow Bitcoin and Ether futures ETFs listings.

This Asset Management Firm Raises Over $70 Million Amid Crypto Winter
Bitcoin price jumps in the green zone l BTCUSDT on Tradingview.com

In a notice, the SFC stated rules that will guide ETF issuers. The guidelines include having a good track record and three years of experience in ETF management. On Oct. 21, Hong Kong considered the establishment of a crypto bill.

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FUD Intensifies: Can Binance Survive Or Is This The End?

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ETFs Are Pulling Weight

Crypto exchange-traded product has increased in popularity and demand since 2020, especially in Europe and America. According to Laurent Kassis, a crypto ETF expert, the ETP market quadrupled to $3.1 billion in 2020.

So far, data shows that Canada has 17 crypto exchange-traded funds, Europe has 73, the United States has three, and Latin America has seven.

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Sarah
Sarah

Sarah

Sarah is a journalist who continues to share her passion for writing through her writing in DeFi, FinTech, and Cybersecurity.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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