The investment arm of Samsung Group will reportedly list a blockchain exchange-traded fund (ETF) on the Hong Kong Stock Exchange in the first half of this year. The structure of the ETF is similar to that of BLOK, one of Amplify Holdings’ ETF products.
Samsung Asset Management takes stake in Amplify Holdings
Samsung Asset Management Corporation (SAMC) expects to list a blockchain exchange-traded fund (ETF) on the Hong Kong Stock Exchange in the first half of 2022, parent company Samsung Group said. The listing of an ETF tracking cryptocurrency and blockchain technology companies will be a first in Asia, according to a report.
The ETF is expected to go public in the first half of 2022, just weeks after SAMC reportedly acquired a 20% stake in U.S. ETF promoter Amplify Holding Company. As part of the $30 million acquisition agreement with Amplify Holding, Samsung Group’s investment arm will have exclusive rights to offer Amplify products in Asia.
The US-based ETF promoter, known for ETF products such as BLOK or the Amplify Transformational Data Sharing ETF, is believed to invest “at least 80% of its net assets in equity securities of blockchain companies.” According to the report, the asset manager’s ETF will have the same structure as BLOK.
No plans to list on the Korean stock market
Some of the blockchain companies Amplify Holding has invested in include Silvergate Capital, graphics processing unit (GPU) producer Nvidia, Galaxy Digital Holdings and Coinbase.
According to the Korea Economic Daily, the asset manager is planning to put an ETF under its name. The report also revealed that due to South Korea’s cryptocurrency regulations, SAMC may not list ETFs on the South Korean stock market anytime soon.
However, the report noted that the asset manager is considering listing some of Amplify’s other ETFs in South Korea and overseas markets.
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