On July 23, Hong Kong will launch Asia’s first Bitcoin futures inverse product, the CSOP Bitcoin Futures Daily (-1x) Inverse Product (7376. HK). This ETF by China Southern Asset Management Co., Ltd (CSOP) allows investors to profit from declines in Bitcoin’s price.
It will be listed on the Hong Kong Stock Exchange at an initial price of 7.8 HKD per unit and aims to mirror the inverse daily performance of the S&P Bitcoin Futures Index through direct investments in Bitcoin futures traded on the CME.
CSOP CEO Ding Chen emphasized the company’s leading market position in Hong Kong and the opportunities this new product offers for profiting from Bitcoin’s value declines. This launch follows Bitcoin’s volatile period and optimism tied to pro-crypto sentiments, including those related to former President Donald Trump.
The new product builds on CSOP’s successful launch of the CSOP Bitcoin Futures ETF (3066. HK) in December 2022. Since late 2022, HKEX has traded spot crypto ETFs, starting with CSOP’s Bitcoin and Ether Futures ETFs.
In January 2023, Samsung Asset Management Hong Kong introduced a Bitcoin futures ETF, contributing to the collective 1.3 billion HKD ($170 million) in assets under management by April 29.
Globally, inverse crypto exchange-traded products have attracted about $106 million, with ProShares Advisors LLC’s Short Bitcoin Strategy ETF being the largest. In Hong Kong, the six Bitcoin and Ether ETFs now hold $362 million in assets, while U.S. spot Bitcoin ETFs have accumulated $60.7 billion in assets since January.
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