Csop Bitcoin Futures Daily (-1x) Inverse Product (7376.hk) To List On Hong Kong Stock Exchange Tomorrow

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CSOP, a leading ETF issuer in Hong Kong, is set to list Asia's first Bitcoin futures inverse product, the CSOP Bitcoin Futures Daily (-1x) Inverse Product (7376.HK), on July 23, 2024. This product aims to provide investment results that closely correspond to the one-time inverse daily performance of the S&P Bitcoin Futures Index before fees and expenses. The product adopts a futures-based replication strategy, investing directly in the spot month CME Bitcoin Futures with a rolling strategy. It will be listed at a price of about HKD 7.8 per unit, with a trading lot of 100 and a management fee of 1.99%. The product has already received an initial investment of around 30 million US dollars.

Bitcoin is known for its high volatility, with a rate of 38.3% in 2023, surpassing even crude oil and the Nasdaq-100. Its price, devoid of intrinsic value, is highly speculative and influenced by market demand, supply, news, and rumors. During the rally in the first quarter of 2024, global futures-based Bitcoin inverse products saw the highest quarterly inflow since the second quarter of 2023, amounting to USD 79 million. By the end ...
... of June 2024, Bitcoin CME futures recorded a net short interest of about USD 5.7 billion among leveraged funds, indicating a growing popularity of basis trades. Factors like the US presidential election, supply overhang, and the Federal Reserve’s monetary policy add to the uncertainty and volatility, suggesting potential for short trades.

The S&P Bitcoin Futures Index, tracked by 7376.HK, reflects the performance of the nearest maturing monthly Bitcoin Futures contracts traded on CME. It is a price-weighted, excess return index that captures CME Bitcoin Futures price movements without considering notional interest earnings. The CSOP Bitcoin Futures Daily (-1x) Inverse Product offers an efficient way to benefit from declines in Bitcoin futures prices without directly participating in the futures market.

Ms. Ding Chen, CEO of CSOP Asset Management Limited, expressed her enthusiasm about the new product listing. She highlighted CSOP's commitment to providing diverse investment products and noted the company’s leadership in the Leveraged and Inverse products market in Hong Kong, holding a 99% market share. The new product provides an opportunity for investors to profit from downside movements in Bitcoin.

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