The Bitcoin and Ethereum exchange-traded funds (ETFs) newly issued by China Asset Management Co. provide new investment channels for Chinese currency holders.
In an interview with Bloomberg, China AMC CEO Yimei Li stated that these ETFs represent a significant milestone in making cryptocurrency investments more accessible to mainland Chinese investors.
Chinese RMB Trading Counter for Potential Mainland Investors
Though crypto trading is banned in mainland China, Li said that the official launch of the ETFs “opens the door for a lot of RMB holders.”
Li also expressed her hope that there could be a “new opportunity” for mainland Chinese investors in the future to “participate in this process.”
According to an announcement, China AMC published on April 29, the new funds offer unprecedented flexibility for investors, accommodating both cash and in-kind transactions.
The company’s offering included 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 ETFs and Ethereum ETFs
With Ethereum and Bitcoin ETFs launched today, China AMC reportedly has an initial offering period (IOP) scale of $142 million, with HK$950 million for Bitcoin ETF and HK$160 million for Ethereum ETF.
ChinaAMC said its IOP (initial offering period) scale today is: HK$950 million for ChinaAMC HongKong Bitcoin ETF; HK$160 million for ChinaAMC Ethereum ETF, totaling approximately US$142 million. Bitcoin ETF is about 6x larger than Ethereum. https://t.co/9hgicVWsKc
— Wu Blockchain (@WuBlockchain) April 30, 2024
“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 China AMC (HK) CEO Tian Gan.
“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,” said Gan.
The post China AMC’s Bitcoin ETF to Open Door for Chinese RMB Investors appeared first on Cryptonews.
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