Key takeaways:
- After acquiring FTX Japan, BitfFlyer Holdings intends to provide possible ETFs based on cryptocurrencies.
- According to BitFlyer Holdings CEO Yuzo Kano’s July 26 X post, the new company intends to offer crypto custody solutions for institutional investors.
After acquiring FTX Japan, BitfFlyer Holdings intends to provide possible Exchange Traded Funds (ETFs) based on cryptocurrencies.
Now that BitFlyer has acquired all of FTX Japan’s outstanding shares, it is a wholly-owned subsidiary of the company.
According to BitFlyer Holdings CEO Yuzo Kano’s July 26 X post, the new company intends to offer crypto custody solutions for institutional investors.
“A company is needed that has the security technology to safely store the physical BTC that will serve as the ETF’s backing asset. Through our custody business, we aim to become a public service that serves as an industry infrastructure.”
As part of the famed FTX exchange, which was once the second-largest crypto exchange in the world by trading volume, FTX Japan lost at least $8.9 billion in user cash when it collapsed in November 2022.
The first crypto ETF to be introduced in Japanese markets may be just one step away from happening due to the acquisition of FTX Japan.
The CEO of BitFlyer Kano stated that it’s only a matter of time before Japan introduces its first crypto ETFs.
“In the United States, the inflow of funds from institutional investors has accelerated since the listing of the Bitcoin ETF. I believe the day will come when ETFs will be listed in Japan.”
Another significant move for crypto ETFs is Franklin Templeton’s establishment of a new crypto ETF management company in collaboration with SBI Holdings, a key player in asset management.
A statement stated that on July 26, the two companies formally signed a Memorandum of Understanding (MoU) for the joint venture. The first spot crypto ETF in Japan might possibly be introduced under the new joint venture (JV).
Shortly after the first spot Ether ETFs were introduced in the US and opened for trading on July 23, the announcement was made. Prosperous spot Ether ETF issuers include VanEck, Invesco Galaxy, Bitwise, Franklin Templeton, BlackRock, Fidelity, and 21Shares.
In an effort to give investors a chance to profit from declines in the price of Bitcoin, CSOP Asset Management, one of the largest asset managers in China, has introduced a new ETF. Following the successful launch of the CSOP Bitcoin Futures ETF (3066[.]HK) in December 2022, this step continues the company’s expansion in the Asia-Pacific region.
