Samsung’s asset management and ETFs have a long history.
The investment arm of the Korean communications house has always tried to go the route of these financial instruments as a way to succeed.
Will a Bitcoin ETF soon be available from Samsung?
At the beginning of the year, the Samsung Group investment The fund wanted to list a Bitcoin ETF by 2022.
The instrument was to be listed on one of the major stock exchanges in Asia, namely the Hong Kong Stock Exchange.
The news at the time of the event was reported by the Korea Economic Daily news agency, according to which the registration was to take place by June this year.
At the end of March, the South Korean investment company acquired 20% of the ETF Amplify Holding Company LLC and the idea was to launch a new Bitcoin ETF similar to the BLOK fund of the same company.
The ETF that served as inspiration was an instrument that was listed in May last year and consists of investing 80% of net assets in securities of companies related to blockchain development.
Block had stakes in Coinbase, MicroStrategy, Nvidia, SBI Holdings and Galaxy Digital, and Samsung Asset Management’s (SAM) new fund would be quite similar to investments in stocks of similar origin in the Asian market (usually not just Chinese) .
History repeats itself but, following a significant opening of Hong Kong to the world of cryptography, the focus this time is on a Bitcoinbased on ETFs.
CSOP Asset Management (Southern OPIN Asset Management Co. Ltd), Samsung Asset Management and Mirae Asset Global Investment Co. Ltd. have formally applied for permission to issue ETFs to retail investors on the Hong Kong Stock Exchange.
Trades will be invested in the CME Futures Bitcoin and Ethereum Futures Group, among others.
The Securities and Futures Commission (SFC) is the intermediary for listing ETFs investing in digital gold and ETH futures contracts traded on the Chicago Mercantile Exchange.
Hong Kong intends to transform itself into a strategic hub for the cryptocurrency world and is organizing through more permissive rules and mass adoption to grow in this regard.
Samsung Asset Management will allow investors to buy or sell Bitcoin without having to do so directly, but through an ad hoc fund.
Applications from the three companies mentioned above came in as early as October 31, which is when the SFC opted to open up to retail investors trading ETFs tied to digital assets (including Bitcoin).
Approvals, according to Su Cheen Chuah, a partner at law firm Deacons, will take the SFC about three months to fully review.
Samsung Asset Management is seeking approval for its BTC ETF on the heels of the FTX case but was decided long ago and could breathe new life into the Asian market.
Chris Pigott, head of Asian ETF services for Brown Brothers Harriman, believes the first Bitcoin ETF will be released by 2022, January 2023 at the latest.
SFC Hong Kong said:
“The city’s crypto ecosystem has made substantial progress over the past four years, laying the groundwork for retail investors.”