Hong Kong furthers its digital asset ambitions by enlarging its shelf of crypto-linked exchange-traded funds.
Chinese asset manager CSOP Asset Management’s new «Bitcoin Futures Daily Inverse Product» has debuted on Hong Kong’s stock exchange. The exchange-traded fund (ETF) is the first product of its type in Hong Kong and Asia, generating returns based on the negative performance of Bitcoin by investing in shorts on the Chicago Mercantile Exchange.
Hong Kong Exchanges and Clearing (HKEX) announced approval of the product in a statement last week.
Expanded Shelf
The new ETF marks yet another expansion of Hong Kong’s digital asset-related product shelf, following the landmark approval of six ETFs that invest directly in Bitcoin and Ether in April.
The US has also been expanding its crypto offering in traditional finance with its latest approval of Ether ETFs.
