China could soon have its first blockchain ETF

advertisement

Chinese asset management firm Penghua Fund, with over $80 billion in client assets, has filed an application for listing a blockchain exchange-traded fund (ETF) in the country.

China Securities Regulatory Commission (CSRC), the country's financial watchdog, is currently reviewing Penghua’s application, according to information from the CSRC website.

If the watchdog approves Penghua’s fund, dubbed Penghua Shenzhen Stocks Blockchain ETF, China will have its first blockchain-themed fund, according to a report from Shanghai Securities News.

Headquartered in Shenzhen, Penghua has over 564 billion yuan (~80.79 billion) in assets under management and manages 159 public funds, 10 national social insurance investment portfolios, and 4 basic pension insurance investment portfolios, according to information from its website. 

Just last week, the Shenzhen Stock Exchange launched a Blockchain 50 Index, which is comprised of the top 50 blockchain-related stocks by market capitalization. The index currently has companies from several sectors, including Ping An Bank and internet firm Wholeasy, which invested $80 million in bitcoin miners last year.

Elsewhere in the world, there are at least seven blockchain ETFs operating currently, including Invesco-Elwood's fund listed on the London Stock Exchange. In June, The Block analyzed the performance of these ETFs and found that their value surged sharply between January to May of this year.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Why BTG Pactual is launching a crypto platform

Brazil-based BTG Pactual, Latin America’s biggest investment bank, is launching its own crypto asset platform that will initially support bitcoin and ether trading. The platform will be called Mynt and allow customers to purchase bitcoin and ether, BTG Pactual’s Head of Digital Assets André Portilho tells The Block. Eventually, the platform will support other digital […]
Read Full Story
Sep 24, 2021, 9:17PM UTC

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post
More