The Thailand Securities and Exchange Commission (SEC) has taken a significant step forward by approving the first spot Bitcoin exchange-traded fund (ETF). This groundbreaking decision allows One Asset Management (ONEAM) to offer a spot BTC ETF exclusively to wealthy and institutional investors.
Intrigued? Read on to find out how this exclusive ETF works and what it means for the future of Bitcoin in Thailand.
ONEAM Leads the Way
The newly approved One Bitcoin ETF fund will invest in up to eleven global funds to ensure asset safety and liquidity. Meanwhile, the Thai SEC is also considering other potential spot Bitcoin ETF issuers, such as MFC Asset Management.
Interest in Bitcoin and other digital assets is increasing among Thai investors seeking portfolio diversification.
“Digital assets are an alternative asset that has low correlation with other financial assets. They are suitable to help investors diversify investment risks… Although the supply of Bitcoin is limited at 21 million, demand is rising as it gains popularity. We see high growth potential for Bitcoin,”
Pote Harinasuta, chief executive of ONEAM
Following Global Trends
Thailand’s approval of a spot Bitcoin ETF follows similar trends in the United States, Australia, and Hong Kong. The high demand for Bitcoin, especially after the recent BTC halving event, has strengthened its position as a top investment compared to traditional products.
Bitcoin’s price has surged more than 72 percent in the past six months, reaching around $69k as of Tuesday, June 4. Market data from sosovalue shows that US-based spot Bitcoin ETFs have attracted about $105 million in cash inflows, with net assets under management totaling around $59.4 billion. Similarly, Hong Kong’s spot Bitcoin ETFs have accumulated around $1 billion in assets under management.
A Promising Future for Thai Investors
With the approval of the first spot Bitcoin ETF, Thailand is set to become a significant player in the global digital assets market. This move opens new investment opportunities for Thai investors and highlights the growing acceptance and potential of Bitcoin as a mainstream financial asset.
Also Read: Should You Invest in Bitcoin ETFs? Detailed Monthly Review and Analysis for April 2024
Thailand’s first Bitcoin ETF might just be the key to unlocking the true potential of crypto in Asia. What do you think?
This article was originally published by a coinpedia.org . Read the Original article here. .
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