China AMC’s Bitcoin ETFs Open Doors for Chinese Investors
By Hongji Feng
Last updated:
May 1, 2024 00:01 EDT
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1 min read
China Asset Management Co. has recently launched exchange-traded funds (ETFs) for Bitcoin and Ethereum, providing Chinese investors with new avenues for investment in the cryptocurrency market.
In an interview with Bloomberg, CEO Yimei Li of China AMC stated that these ETFs mark a significant milestone in making cryptocurrency investments more accessible to mainland Chinese investors.
A Gateway for Mainland Investors in Chinese RMB Trading
Despite the ban on crypto trading in mainland China, Li expressed that the official launch of the ETFs “opens the door for a lot of RMB holders.”
Li also expressed optimism for a potential future “new opportunity” for mainland Chinese investors to participate in this process.
According to an announcement published by China AMC on April 29, the new funds offer unprecedented flexibility for investors, accommodating both cash and in-kind transactions.
The company’s offering includes trading counters in USD, HKD, and RMB, catering to both listed and unlisted shares. These ETFs are the only Bitcoin and Ethereum ETFs that provide a Chinese yuan trading counter.
“As the opening up progresses, we definitely hope that multi-assets will be available for domestic investors,” said Li.
Asia’s First Bitcoin and Ethereum ETFs
China AMC reportedly has an initial offering period (IOP) scale of $142 million for the launch of Ethereum and Bitcoin ETFs, with HK$950 million allocated to the Bitcoin ETF and HK$160 million for the Ethereum ETF.
“We have witnessed top-down momentum pushing Hong Kong to become a global hub for Web3.0. This authority endorsement is pivotal as it underscores Hong Kong’s competitive advantage in the global virtual assets sector,” said Tian Gan, CEO of China AMC (HK).
“We are fully embracing the mainstream transition of virtual assets by developing differentiated investment offerings to help clients achieve their investment goals in this new asset class,” added Gan.
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