Thailand Approves Their First Spot Bitcoin ETF
The popularity of exchange-traded funds (ETFs) that directly track Bitcoin's price is on the rise around the world, with recent regulatory approvals in Thailand adding fuel to the fire.
Thailand’s Securities and Exchange Commission (SEC) recently approved the launch of the ONE Bitcoin ETF Fund by One Asset Management (ONEAM), marking the first Bitcoin ETF in the country. However, there’s a catch – this particular ETF falls under ONEAM’s Unhedged fund category, typically restricted from retail investors due to its higher risk profile.
To address liquidity and security concerns, the ONE Bitcoin ETF will invest in a basket of 11 top global Bitcoin funds based in Hong Kong and the US. Additionally, the fund promises to adhere to international standards for coin storage. ONEAM CEO Pote Harinasuta sees this product as a valuable addition for investors seeking to diversify their portfolios and manage risk alongside other traditional assets.
READ MORE: Global Cryptocurrency Ownership Surges, Reaching 562 Million: Report
Thailand’s approval makes it the second Asian nation to embrace a spot Bitcoin ETF, following Hong Kong’s similar move in April for both Bitcoin and Ethereum ETFs. While these initial offerings haven’t seen huge trading volumes yet, the interest from Asian regulators in providing similar options for their citizens is undeniable.
Despite a recent blip with some days of zero or negative inflows, data from Bloomberg Intelligence suggests that US-based spot Bitcoin ETFs are demonstrating impressive “staying power.” These ETFs have attracted a significant amount of investor interest, bringing in $2.4 billion over the past month alone.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
