Crypto Trading Firm Wintermute To Provide Liquidity For HK BTC ETF
Looking to strengthen its market share in the Asia region, Wintermute will be a liquidity provider to the recently launched Hong Kong-listed spot bitcoin and ether exchange-traded funds, the company announced Wednesday.
The London-based firm is partnering with OSL Digital Securities and HashKey HK Exchange, both of which are sub-custodians of virtual asset trading platforms facilitating the operation of the ETFs, according to the statement.
The market maker will help both OSL and HashKey with the buying, selling and delivery of the underlying assets of the ETFs, in this case bitcoin (BTC) and ether (ETH), to allow for a seamless creation and redemption process.
The three Hong Kong-listed bitcoin ETFs, which went live on April 29, have so far seen a slow start compared to their counterparts in the U.S. As of the close on Monday they had accumulated just shy of 4,400 bitcoins or roughly $276 million in assets under management.
(With inputs from Shikha Singh)
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