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Asia's first inverse bitcoin ETF set to debut in Hong Kong

written by Bella Palmer
crypto-currencies

The exchange traded fund is expected to take advantage of growing demand to profit from the volatile trading of crypto currencies

Asia's first inverse bitcoin ETF that allows investors to bet on a fall in the crypto currency, is set to debut in Hong Kong on Tuesday.

Hong Kong's CSOP Asset Management said it will launch the CSOP Bitcoin Futures Daily Inverse Product on the city's stock exchange on Tuesday morning.

The exchange traded fund is expected to take advantage of growing demand to profit from the volatile trading of crypto currencies. After the first batch of spot crypto exchange traded funds went public in Hong Kong in April, bitcoin had a bumpy second quarter, dropping more than 12%.

The first futures-based inverse bitcoin product listed in Hong Kong creates opportunities for investors to gain from downside movements in bitcoin, said Ding Chen, CEO of CSOP Asset Management in a statement.

Bitcoin has been the most erratic among major global assets in the past ten years, with volatility as high as 38.3% in 2023, surpassing crude oil and the Nasdaq 100, the firm said.

Bitcoin bounced back strongly in the last few weeks on increased expectations that Republican presidential nominee Donald Trump would regain the White House. It was marginally higher and traded at almost $67,400 on Monday following U.S. President Joe Biden's decision to quit the presidential race.

CSOP's inverse bitcoin product aims to provide a return that closely matches the one-time inverse daily performance of the S&P Bitcoin Futures Index, the company said.

CSOP launched Asia’s first bitcoin futures ETF in Hong Kong in 2022. The market value of the exchange traded fund grew to more than $100 million due to the global crypto rally earlier in 2024, but had declined to around $58 million as of Friday.

Disclaimer:

The opinions expressed by our writers are their own and do not represent the views of UK Investment Guides. The information provided on UK Investment Guides is intended for informational purposes only. UK Investment Guides is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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