FTX downfall seems no dampener to cryptocurrency craze among investors. There’s no dearth to funding crypto ventures as yet. Crypto futures exchange-traded funds (ETFs) managed by CSOP Asset Management have raised $73.6 million in investments ahead of their December 16 listing on the Hong Kong stock exchange.
The ETF issuer stated in an announcement that its CSOP Bitcoin Futures ETF has received $53.8 million in initial investments, while the CSOP Ether Futures ETF has received $19.7 million. To track asset prices, both ETFs will be managed to invest in Bitcoin futures listed on the Chicago Mercantile Exchange.
According to Tim McCourt, an executive at CME Group, the listing of the ETFs shows the “increasing client demand for exposure to Bitcoin and Ether.” McCourt noted that the introduction of the funds may create new opportunities for institutional and retail investors.
Yi Wang, an executive at CSOP, said in an interview with Reuters that trading the ETF has more safeguards compared with trading tokens in unregulated platforms.
Hong Kong Crypto Futures ETFs Raise Over $70 Mn Ahead of Debut
(Reporting by Shikha Singh, Editing by Kapil Rajyaguru)
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