Breaking: Thailand Joins Global Trend with Approval of First Spot Bitcoin ETF

The post Breaking: Thailand Joins Global Trend with Approval of First Spot Bitcoin ETF appeared first on Coinpedia Fintech News

The Thailand Securities and Exchange Commission (SEC) has approved the first spot in the Bitcoin (BTC) exchange-traded fund (ETF). The Thai SEC has given One Asset Management (ONEAM) the green light to offer spot BTC ETF only to wealthy and institutional investors. 

The One Bitcoin ETF fund will invest in up to eleven global funds to guarantee asset safety and liquidity. Meanwhile, the Thai SEC is still reviewing other potential spot Bitcoin ETF issuers, such as MFC Asset Management.

Moreover, more investors in Thailand have shown significant interest in Bitcoin and other digital assets as a form of 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, noted.

Market Picture on Spot Bitcoin ETF Approval in Thailand 

The approval of spot Bitcoin ETF in Thailand has closely followed the same trend in the United States, Australia, and Hong Kong. The high demand for Bitcoin amid diminishing supply, as depicted by the recent BTC halving event, has helped the flagship coin outshine traditional investment products. 

Furthermore, Bitcoin price has surged more than 72 percent in the past six months to trade around $69k on Tuesday, June, 4. According to market aggregate data from sosovalue, the US-based spot Bitcoin ETFs attracted around $105 million in cash inflows to net assets under management of about $59.4 billion. On the other hand, Hong Kong’s spot Bitcoin ETFs have accumulated around $1 billion in assets under management.