- After the company’s successful 2022 launch of its Bitcoin Futures ETF, CSOP is hoping to profit from future drops in the price of BTC with its new inverse Bitcoin ETF.
The CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK), Asia’s first Bitcoin futures inverse product, will debut in Hong Kong on July 23.
One of the biggest asset managers in China, CSOP Asset Management, has launched a new exchange-traded fund (ETF) with the goal of providing investors with a way to profit from drops in the price of Bitcoin, which is currently trading at $66,860.
Product information
The CSOP Bitcoin Futures Daily (-1x) Inverse Product seeks to offer investment returns that closely mimic the daily inverse performance of the S&P Bitcoin Futures Index.
This inverse product invests directly into spot-month Chicago Mercantile Exchange Bitcoin Futures, utilizing a replication approach based on futures.
The product is scheduled to be launched on the Hong Kong Stock Exchange (HKEX) with a listing price of roughly 7.8 Hong Kong dollars per unit, according to a July 22 post from the CSOP company.
Tristan Frizza, the founder of Zeta Markets, said in an interview with Cointelegraph that the introduction of the inverse Bitcoin ETF demonstrates the growing sophistication of cryptocurrency financial products around the world.
Hong Kong exchange-traded funds
With the introduction of CSOP’s Bitcoin Futures ETF and Ether Futures ETF in late 2022, HKEX began trading spot cryptocurrency ETFs.
Following the $3,521 futures cash-settled contracts traded on the CME, both products track BTC futures and Ether ETH tickers down. The Bitcoin future ETF was introduced by Samsung Asset Management Hong Kong in January of 2023.
As of April 29, the three futures products offered by HKEX crypto ETFs had accumulated 1.3 billion $HK, or $170 million, in assets under management.
Seven unregulated crypto exchanges are flagged by the HK SFC
The Hong Kong Securities and Futures Commission (SFC) released alerts on July 5 regarding seven illicit cryptocurrency exchanges operating in the area.
The SFC added the exchanges to its list of suspicious virtual asset trading platforms and blacklisted them for providing services without operating licenses.
The SFC maintains public records on registered, unregistered, and illicit cryptocurrency trading entities in an effort to lower the risks of fraud and scams.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
