Thailand’s One Asset Management has received approval from the Thai Securities and Exchange Commission (SEC) to launch the country’s first cryptocurrency exchange-traded fund (ETF). The fund, called the One Bitcoin ETF Fund of Funds, will exclusively cater to institutional investors and high-net-worth individuals. Retail investors will not be able to participate. The approval of the Bitcoin ETF reflects the growing demand from local institutions to include Bitcoin in their investment portfolios and sets the stage for broader mainstream adoption. The ETF will invest in 11 prominent global Bitcoin funds, providing secure and convenient exposure to the cryptocurrency. The distribution of the fund is set to take place between May 31, 2024, and June 6, 2024. Another Thai firm, MFC Asset Management, is also awaiting clearance for its own Bitcoin ETF product. In the US, Bitcoin ETFs have seen consistent inflows, attracting $105 million on the latest trading day. Analysts suggest that the recent correction phase in Bitcoin’s price may be coming to an end, as long-term holders start accumulating Bitcoin again.
Subscribe to Updates
Get the latest creative news from FooBar about art, design and business.