Hong Kong intends to launch Asia's first Bitcoin futures inverse product tomorrow, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK).
This new ETF from China Southern Asset Management Co, Ltd (CSOP) aims to offer investors a way to profit from the falling Bitcoin price.
The CSOP Bitcoin Futures Daily (-1x) Inverse product has been designed to track the daily inverse performance of the S&P Bitcoin Futures Index. It does so through a futures-based replication strategy, investing directly in one-month spot Bitcoin futures on the Chicago Mercantile Exchange (CME).
The product will be listed on the Hong Kong Exchange (HKEX) with an initial price of approximately 7.8 Hong Kong dollars (HKD) per unit.