In defiance of the sector’s meltdown, two exchange traded funds (ETFs) that track US-listed cryptocurrency futures have raised a combined $73.6 million ahead of their debut on the Hong Kong stock exchange on Friday. Cryptocurrencies have been in turmoil for months, with the collapse of crypto exchange FTX being the most recent blow to the sector. Bitcoin, the biggest cryptocurrency, has lost more than 70% of its value since hitting a record high in November 2021. CSOP Asset Management manages the ETFs, which invest in bitcoin and ether futures listed on the CME exchange in the United States, the only cryptocurrency assets currently permitted by Hong Kong’s Securities and Futures Commission (SFC). The larger of the two, CSOP Bitcoin Futures ETF, pulled in $53.9 million, according to the manager.
