A Samsung subsidiary plans to list the first blockchain-focused ETF in Asia
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Answer A Samsung subsidiary plans to list the first blockchain-focused ETF in Asia
A subsidiary of Samsung Asset Management, the largest asset management company in South Korea, is planning to list a blockchain-focused ETF in Hong Kong before July.
According to source This is the first ETF in Asia to include physical exposure to cryptocurrency and blockchain technology.
Asia’s First Blockchain ETF:
The fund will resemble the “Amplify” Transformational Data Sharing Fund (BLOK ETF).
The new ETF will primarily invest in crypto-related companies, such as SilverGate Capital, Galaxy Digital Holdings, Coinbase and Bitcoin futures.
Samsung Asset Management recently acquired a 20% stake in Amplify for $30 million and secured exclusive selling rights to the Amplify ETF in Asia.
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Its new fund will have the same structure as the BLOK ETF, but will be traded under the name Samsung.
The BLOK ETF will also contain other ETFs that directly track the price of bitcoin, such as the Canadian Purpose Bitcoin ETF.
This means that Samsung will be the first to launch the first Asian ETF to be partially backed by cryptocurrency.
Samsung has already listed five other products under its name on Hong Kong exchanges, such as semiconductors, China Internet, real estate investment trusts and crude oil ETFs.
The latest addition, which will focus on the blockchain, aims to renew the company’s image and keep it in line with global developments.
Blockchain ETFs:
Blockchain ETFs have emerged as institutional gateways to invest in the burgeoning cryptocurrency industry, without having to incur the volatility of the cryptocurrency itself.
Just yesterday, BlackRock announced the launch of a blockchain ETF that includes Coinbase and Marathon Digital among others.
Historically, launching these funds in America has been much easier than launching a Bitcoin ETF.
As Bitcoin futures ETFs started trading in the market last October, the spot Bitcoin ETF has not been approved by the US Securities and Exchange Commission so far.
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