Korea’s largest asset management company, Samsung Asset Management, has announced plans to list a blockchain-oriented ETF on the Hong Kong Stock Exchange in July. Samsung Asset Management reports its ETF is the first in Asia to offer exposure to cryptocurrencies.
The first blockchain-based ETF in Asia
Hankyung reported that this investment fund is similar to Amplify’s Transformational Data Sharing ETF (BLOK ETF). He mostly invests in cryptocurrency-related companies such as SilverGate Capital, Galaxy Digital Holdings, Coinbase, and bitcoin futures.
Amplifi recently acquired a 20% stake in Samsung Asset Management for $30 million and secured exclusive rights to sell the ETF in Asia. The new ETF will operate under the same name as the BLOCK ETF.
Nevertheless, the BLOCK ETF also holds other ETFs that directly track the price of the original cryptocurrency. For example, the Bitcoin-related Canadian ETF. If Samsung’s structure is to be the same as that of the Block ETF, it will be the first Asian ETF with cryptocurrency components.
According to a Samsung Asset Management official, indirect shares in cryptocurrencies may delay a listing, but the company plans to offer amplify’s best products both at home and abroad.
Since interest rates continue to rise in the U.S., we are considering other quotes, such as the ‘Amplify CWP Enhanced Dividend Income ETF (DIVO ETF)’ in Korea or Hong Kong.
Additionally, the blockchain ETF is meant to renew the company’s image as young and international. Cryptocurrencies are particularly popular among millennials.