HKEX Approves CSOP’s Bitcoin Inverse Product Strengthening Crypto Hub
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On July 23, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK) will be listed as the first Bitcoin futures inverse product in Asia. CSOP Asset Management has launched the new exchange-traded fund (ETF) which is designed to help investors to obtain profit from the decline in the price of Bitcoin. This is in line with the firm’s growth strategy in the Asia-Pacific region which saw the firm launch the CSOP Bitcoin Futures ETF (3066.HK) in December 2022.Product Mechanism and DetailsThe index tracking of the CSOP Bitcoin Futures Daily (-1x) Inverse Product is to provide investment returns that are opposite of the daily performance of the S&P Bitcoin Futures Index. The inverse product accomplishes this through a futures-based replication strategy, which means that it invests in the spot-month Chicago Mercantile Exchange Bitcoin Futures.From a CSOP company post on the 22nd of July, the product shall be offered on the HKEX at an estimated price of 7.8 HKD per unit. This product enables the professional investors to make gains out of the falls in the price of the Bitcoin especially the falls.HKEX has been engaged in the trading of spot crypto ETFs since the last quarter of 2022 with the launching of CSOP’s Bitcoin Futures ETF and Ether Futures ETF. Both products have the same .
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