The Hong Kong Inventory Change (HKEX) will make historical past tomorrow by launching Asia’s first inverse Bitcoin exchange-traded fund (ETF).
Simply launched: 🇭🇰Asia’s first reverse #bitcoin The ETF will go reside in Hong Kong tomorrow. pic.twitter.com/HSV28BZd2l
— Bitcoin Journal (@BitcoinMagazine) July 22, 2024
CSOP Bitcoin Futures Every day (-1x) Inverse Product will start buying and selling on July 23. The ETF will put money into quick positions in Bitcoin futures contracts traded on the Chicago Mercantile Change. This offers merchants publicity to the day by day inverse efficiency of the underlying Bitcoin futures index.
Merchants can hedge their threat or speculate on worth declines by shorting Bitcoin futures. This new software provides an alternative choice to immediately shorting or shopping for Bitcoin put choices.
This inverse ETF is managed by CSOP Asset Administration, with HSBC as trustee. It prices an annual payment of 1.99% and goals to draw $50-100 million in belongings below administration inside 1-2 years.
The launch of the product is producing buzz as a brand new approach to commerce Bitcoin volatility. Though controversial to some, inverse Bitcoin ETFs are gaining traction globally. The U.S.-based ProShares Quick Bitcoin ETF (BITI) has over $70 million below administration.
The CSOP product would be the first of its variety in Asia, bringing inverse Bitcoin publicity to Hong Kong’s US$5.4 trillion inventory market. It represents one other milestone in mainstream Bitcoin adoption within the area.
