The Samsung asset management will list Asia’s first Blockchain ETF in Hong Kong and will mimic the Amplifi Transformational Data Sharing ETF that includes exposure to Bitcoin so let’s read more today in our latest blockchain news.
Samsung Asset Management is the largest one in Korea and it plans to list a blockchain-focused ETF in Hong Kong before July. This is the first ETF in Asia that will include actual crypto exposure. As reported by the South Korean business newspaper Hankuyang, the fund will resemble Amplify’s Transformational Data Sharing ETF and the latter invests mainly in crypto-related companies like Galaxy Digital Holdings, Coinbase, and SilverGate capital.
Samsung Asset Management acquired a 20% stake in Amplifi for $30 million and got exclusive sales rights for the Amplifi ETF in Asia the new fund will contain the same structure as the BLOK ETF and trade under Samsung’s name. The BLOK ETF contains other ETFs that track the price of BTC like Canada’s purpose BTC ETF and if Samsung’s structure is identical, it means that it will be the first Asian ETF to be underpinned by crypto. The indirect crypto holdings are expected to cause delays to the domestic listing time of the ETF and the Samsung Asset Management explained that the company is planning to list the best products at home but also abroad:
“As interest in dividends is growing due to a rise in US interest rates, we are considering additional listings such as the ‘Amplify CWP Enhanced Dividend Income ETF (DIVO ETF)’ in Korea or Hong Kong.”
Samsung listed five other products under the name Hong Kong semiconductors, crude oil ETFs, REITs, and China Internet. The new blockchain-centric addition aims to renew the company with a young global image since crypto is popular with the millennial generation. Blockchain ETFs emerged as a gateway to investing in the crypto industry without having to bother with the volatility of crypto themselves. Blackrock announced the launch of the Blockchain and Tech ETF which holds both the Marathon Digital and Coinbase.
The funds were much easier to launch in America than a Bitcoin ETF and the futures ETFs hit the market and a spot ETF is yet to be approved by the SEC.
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