China Asset Management Co. Launches Bitcoin and Ethereum ETFs in Mainland China
China Asset Management Co. Launches Bitcoin and Ethereum ETFs, Opening New Investment Channels for Chinese Currency Holders
In a groundbreaking move, China Asset Management Co. (China AMC) has issued Bitcoin and Ethereum exchange-traded funds (ETFs), providing new opportunities for Chinese currency holders to invest in cryptocurrencies. This development marks a significant milestone in making cryptocurrency investments more accessible to mainland Chinese investors.
In an interview with Bloomberg, China AMC CEO Yimei Li emphasized the importance of these ETFs in opening up new avenues for RMB holders. Despite the ban on crypto trading in mainland China, the launch of these ETFs is seen as a positive step towards allowing Chinese investors to participate in the cryptocurrency market.
The newly issued ETFs offer unprecedented flexibility for investors, allowing for both cash and in-kind transactions. With trading counters available in USD, HKD, and RMB, these ETFs cater to both listed and unlisted shares, making them a unique offering in the market.
China AMC’s initial offering period (IOP) for the Bitcoin and Ethereum ETFs has already seen significant interest, with a total scale of $142 million. The Bitcoin ETF, in particular, has attracted HK$950 million, showcasing strong demand for cryptocurrency investment opportunities in the region.
Commenting on the launch, China AMC (HK) CEO Tian Gan highlighted Hong Kong’s growing prominence as a global hub for Web3.0 technologies. The endorsement of these ETFs by authorities further solidifies Hong Kong’s position in the virtual assets sector, signaling the city’s competitive advantage in the industry.
As the cryptocurrency market continues to evolve, China AMC remains committed to developing innovative investment offerings to meet the diverse needs of clients in this new asset class. With the launch of the Bitcoin and Ethereum ETFs, Chinese investors now have a new avenue to explore the world of cryptocurrencies and potentially benefit from this emerging asset class.
