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The Bitcoin and Ethereum exchange-traded funds (ETFs) recently launched by China Asset Management Co. offer new investment avenues for holders of Chinese currency.
In a discussion with Bloomberg, China AMC CEO Yimei Li remarked that these ETFs mark a notable achievement in enhancing the accessibility of cryptocurrency investments for investors in mainland China.
Chinese RMB Trading Counter for Potential Mainland Investors
Despite the prohibition of crypto trading in mainland China, Li mentioned that the official introduction of the ETFs “opens the door for a lot of RMB holders.”
Li also conveyed her aspiration that there may be a “new opportunity” for mainland Chinese investors in the future to “participate in this process.”
As per an announcement made by China AMC on April 29, the new funds provide unprecedented flexibility for investors, allowing both cash and in-kind transactions.
The company’s offerings included trading counters in USD, HKD, and RMB, serving both listed and unlisted shares. These ETFs are the sole Bitcoin and Ethereum ETFs that offer a trading counter in Chinese yuan.
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“As the opening up progresses, we definitely hope that multi-assets will be available for domestic investors,” stated Li.
Asia’s First Bitcoin ETFs and Ethereum ETFs
With the launch of Ethereum and Bitcoin ETFs today, China AMC reportedly has an initial offering period (IOP) scale of $142 million, with HK$950 million allocated for the Bitcoin ETF and HK$160 million for the Ethereum ETF.
ChinaAMC stated that 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. The Bitcoin ETF is about 6x larger than the Ethereum. https://t.co/9hgicVWsKc
— Wu Blockchain (@WuBlockchain) April 30, 2024
“We have observed top-down momentum driving Hong Kong to become a global hub for Web3.0; this authority endorsement is crucial as it highlights Hong Kong’s competitive edge in the global virtual assets landscape,” remarked China AMC (HK) CEO Tian Gan.
“We are fully embracing the mainstream transition of virtual assets by creating differentiated investment offerings to assist clients in achieving their investment objectives in this new asset class,” added Gan.
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