CSOP bitcoin futures ETF closes higher in Hong Kong debut

CSOP bitcoin futures ETF closes higher in Hong Kong debut
FILE PHOTO: Representations of cryptocurrency Bitcoin are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration

HONG KONG : Hong Kong’s first bitcoin and ether futures exchange traded funds (ETFs) ended their first trading day higher on Friday, reflecting investors’ interest despite the broader crypto market meltdown.

The CSOP Bitcoin Futures ETF closed up 0.5 per cent at HK$7.81 per unit, while the CSOP Ether Futures ETF ended 0.4 per cent higher at HK$7.805.

Both ETFs had opened flat compared to their estimated net asset values, both at HK$7.77 per unit. Among the two, the bitcoin futures ETF attracted more trading volume, as a total of 937,200 units worth HK$7.3 million changed hands.

“The two crypto asset ETFs provide investors with exposure to the digital asset space for the first time in Asia and reflect both our ongoing commitment to, and the market’s appetite for, the digital economy,” said Wilfred Yiu, chief operating officer and co-head of markets at Hong Kong Exchanges & Clearing.

Prior to the their debut, the two funds raised a combined $73.6 million from investors.

($1 = 7.7777 Hong Kong dollars)

 

Source: Reuters