The Inventory Trade of Hong Kong (HKEX) will reportedly launch Asia’s first-ever Bitcoin inverse product later this month. 

Dubbed CSOP Bitcoin Futures Day by day (-1x) Inverse Product (7376:HK), the fund is designed to offer inverse publicity to BTC’s price motion. 

Key Particulars of the Fund 

In response to well-known Chinese language reporter Colin Wu, the upcoming Bitcoin inverse product will launch on July 23, 2024, making it the primary of its variety in Asia. 

Unique: On July 23, the Hong Kong Inventory Trade will launch Asia’s first Bitcoin inverse product, named CSOP Bitcoin Futures Day by day (-1x) Inverse Product (7376 HK), which instantly invests within the nearest expiring month-to-month Bitcoin futures traded on the CME. The trustee is HSBC…

— Wu Blockchain (@WuBlockchain) July 19, 2024

Notably, the product will instantly put money into the closest expiring month-to-month Bitcoin futures contracts traded on the main international derivatives market, the Chicago Mercantile Trade (CME). 

Underneath this initiative, buyers can speculate on the price actions of nearest-to-expiry Bitcoin future contracts with out truly holding the cryptocurrency. 

Moreover, Colin Wu revealed that the Asia arm of HSBC Institutional Belief Providers Restricted will function the trustee for the fund’s oversight. 

7376:HK Will Monitor S&P Bitcoin Futures Index 

In the meantime, in accordance with Bloomberg, the upcoming fund is designed to trace the inverse day by day motion of the S&P Bitcoin Futures Index earlier than accounting for charges and bills. 

This suggests that when the price of the S&P Bitcoin Futures Index surges by a selected proportion on a given day, the worth of the 7376:HK fund will lower by roughly the identical fee, and vice versa. 

Upon the fund’s launch, Bloomberg would monitor the fund’s price motion through its market information platform. Within the meantime, the market information for 7376:HK is marked as “pending” in anticipation of its upcoming itemizing. 

Institutional Shoppers Achieve Extra Oblique Publicity to BTC in Hong Kong 

The event marks one other vital step in the direction of offering Hong Kong-based institutional purchasers with oblique publicity to cryptocurrencies. 

Recall that Hong Kong welcomed six spot-based Bitcoin and Ethereum exchange-traded funds in April 2024. Three Chinese language companies Bosera Asset Administration, China Asset Administration, and Harvest World Investments, issued the spot crypto ETFs on the Hong Kong Inventory Trade. 

Within the meantime, Bitcoin’s price has revisited the $65,000 territory after rallying 1.02% within the day by day charts. At press time, Bitcoin is buying and selling at $65,302, reflecting a weekly surge of 12.96%.