Three Asset Managers Apply for Hong Kong Crypto Futures ETFs Amid Growing Regulatory Support

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Hong Kong is emerging as a key player in the global virtual asset landscape, with three major asset management firms recently filing applications to launch cryptocurrency-based exchange-traded funds (ETFs) for retail investors. This move aligns with the city’s broader strategy to foster innovation in digital finance while maintaining regulatory oversight.

The applicants—CSOP Asset Management (Southern East Asset Management), Samsung Asset Management, and Mirae Asset Global Investment (Hong Kong)—are seeking approval to offer ETFs that track cryptocurrency futures, specifically Bitcoin and Ethereum futures traded on the Chicago Mercantile Exchange (CME). If approved, these products would mark a significant milestone in making crypto exposure accessible to mainstream investors in Asia.

This development follows the Hong Kong government's release of its Policy Statement on the Development of Virtual Assets in November 2025, which outlines a clear regulatory framework and supportive stance toward building a robust virtual asset ecosystem. The Securities and Futures Commission (SFC) has indicated it intends to approve virtual asset futures ETFs for public offering, starting with those linked to regulated futures contracts.

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Leading Firms Pave the Way for Crypto Access

CSOP Asset Management: Building on Early Mover Advantage

CSOP, one of mainland China’s earliest entrants into offshore asset management, has been proactive in digital asset innovation. Earlier in 2025, it launched the CSOP Metaverse Concept ETF (3034), which focuses on companies driving the next-generation internet economy. The fund includes global tech giants such as Meta Platforms, Roblox, and NVIDIA—firms at the forefront of virtual reality, gaming infrastructure, and AI-powered metaverse development.

Despite strong thematic appeal, the ETF has faced market headwinds. Trading at approximately HK$5 per unit, it remains below its initial offering price of around HK$7.80, reflecting a cumulative decline of about 36.9% since its debut nearly ten months ago. This performance mirrors broader volatility in growth and tech sectors but underscores investor caution around nascent digital themes.

Still, CSOP’s experience positions it well to expand into crypto-linked derivatives. A Bitcoin or Ethereum futures ETF would allow investors to gain indirect exposure without holding actual digital assets—reducing custody and security risks while complying with existing financial regulations.

Samsung Asset Management: Expanding Its Blockchain Footprint

Samsung Asset Management made history earlier in 2025 by launching Asia’s first blockchain-focused ETF: the Samsung Blockchain Technology ETF (03171). This product targets companies actively involved in blockchain infrastructure, development, and adoption, including CME Group—the operator of regulated Bitcoin futures—and technology leaders like IBM.

Notably, the fund also includes exposure to ProShares Bitcoin Strategy ETF, the United States’ first spot Bitcoin futures-based ETF, giving investors indirect access to U.S. crypto markets.

However, the ETF has seen significant price correction. As of December 8, it was trading at HK$13.20 per share, down 36.2% from its peak of HK$20.68 reached in August. While short-term performance may deter some investors, the long-term thesis remains intact: blockchain technology continues to gain traction across financial services, supply chain management, and decentralized applications.

With its established presence in thematic investing, Samsung is well-positioned to introduce a dedicated crypto futures ETF—potentially accelerating retail participation in digital assets under Hong Kong’s evolving regulatory regime.

Mirae Asset Global Investment: Joining the Digital Transformation Race

Though Mirae Asset has not yet disclosed details of its proposed ETF, its application signals growing institutional confidence in Hong Kong’s virtual asset roadmap. As a global leader in retail-focused investment solutions, Mirae is likely to design a product that balances innovation with risk management—possibly mirroring successful models from North America and Europe.

Given the SFC’s likely requirement for underlying assets to be listed on regulated exchanges like CME, Mirae’s offering is expected to focus on cash-settled Bitcoin and Ethereum futures contracts. This structure ensures transparency, mitigates counterparty risk, and aligns with international best practices.

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Panthos Fund Enters Market with Blockchain-Themed ETF

In a separate but related development, Panthos Fund launched the Panthos Blockchain Thematic ETF (0388) on the Hong Kong Stock Exchange. Listed at approximately $1 per unit, the fund requires a minimum investment of 100,000 units (about HK$780,000), targeting high-net-worth individuals rather than mass-market retail investors.

Unlike proposed crypto futures ETFs, Panthos explicitly states it will not invest directly in virtual currencies. Instead, it focuses on companies engaged in blockchain technology development and operations. Up to 10% of its net assets may be allocated to other blockchain-related ETFs, including U.S.-listed crypto futures ETFs.

The fund carries an annual management fee of 0.99% and aims to distribute dividends annually—a feature that may appeal to income-oriented investors seeking exposure to digital transformation trends.

While Panthos offers indirect access to blockchain innovation, its exclusion of direct crypto exposure differentiates it from the more ambitious proposals by CSOP, Samsung, and Mirae.

Regulatory Momentum Fuels Market Confidence

The Hong Kong government’s policy declaration emphasizes licensing, investor protection, market integrity, and technological innovation. By allowing only CME-traded Bitcoin and Ethereum futures initially, regulators aim to minimize volatility and fraud risks while testing market readiness.

This cautious yet forward-looking approach reflects Hong Kong’s ambition to become a trusted hub for virtual asset finance in Asia—one that bridges traditional capital markets with emerging digital economies.

Frequently Asked Questions (FAQ)

Q: What is a cryptocurrency futures ETF?
A: A crypto futures ETF is an exchange-traded fund that invests in futures contracts tied to cryptocurrencies like Bitcoin or Ethereum, rather than holding the actual digital assets. It allows investors to gain price exposure without managing private keys or wallets.

Q: Why is Hong Kong approving futures-based crypto ETFs first?
A: Futures-based ETFs are considered lower risk because they trade on regulated exchanges like CME. This reduces concerns about custody, manipulation, and valuation—making them more acceptable under current financial regulations.

Q: Can I invest directly in Bitcoin through these new ETFs?
A: No. These ETFs track futures contracts, not spot prices of cryptocurrencies. Investors do not own actual Bitcoin or Ethereum but benefit from price movements in regulated derivatives markets.

Q: Are these ETFs safe for retail investors?
A: They are subject to SFC oversight and must meet strict disclosure and risk management standards. However, crypto markets remain volatile—investors should understand the risks before participating.

Q: How do blockchain-themed ETFs differ from crypto futures ETFs?
A: Blockchain ETFs invest in companies developing blockchain technology (e.g., software firms, miners), while crypto futures ETFs track the price of digital assets via derivatives—offering more direct market exposure.

Q: When will these new crypto ETFs be available?
A: Final approvals are pending. If all goes according to plan, product launches could begin in early 2025 following regulatory review and market readiness assessments.

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Core Keywords

As Hong Kong strengthens its position as a gateway between East and West in digital finance, these developments signal a maturing market where innovation meets oversight—opening new doors for investors seeking diversified exposure to the future of money and technology.