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The asset management arm of South Korean conglomerate Samsung is reportedly planning to list its first crypto exchange traded fund (ETF) in Hong Kong by as soon as June.
The Blockchain Exchange-traded fund (ETF) listing has seen a drastic spike since the beginning of 2022. Many industrial giants have already applied or planning to jump in for blockchain or cryptocurrency ETF. In this bid,
Samsung gears up for Crypto ETF
Samsung Asset Management is the largest asset manager in Korea covering all aspects of investments. As per reports from local media, this will be Asia’s first ETF that will involve actual cryptocurrencies. However, the capital market company aims to make itself more approachable to the young and evolving blockchain global market.
Samsung’s blockchain-focused ETF can become Asia’s first ever traded fund to include cryptocurrencies. As this will involve digital assets indirectly, a delay can be expected in its domestic listing. Meanwhile, Australia saw a delay in the launch of 3 crypto related ETFs this week.
Recently, Samsung Asset Management bought a 20% stake for $30 million in a US based ETF management firm, AmpliFi. This deal has helped the capital firm to gain AmpliFi ETF sales right in Asia.
Samsung holds 5 ETFs so far
According to the report, the soon to be launched Exchange-traded fund will have the same structure as Amplify. The firm invests a minimum 80% of its net assets in equity securities of blockchain companies. It is also famous to invest in cryptocurrency related companies like Silvergate which offers crypto baking services, NVIDIA making GPUs for Bitcoin (BTC) mining. Its other financing includes Galaxy Digital Holdings, Coinbase, and more.
The latest trending Cryptocurrency ETF is just another way to invest in digital assets. Involvement in this sector is growing day by day. Meanwhile, Samsung asset management already has five Exchange traded funds listed on the Hong Kong stock exchange which comprise FANG+, Crude oil ETFs and others,
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