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Huobi Global
Home›Huobi Global›Huobi subsidiary launches Bitcoin, Ether and crypto mining funds in Hong KongTechNode

Huobi subsidiary launches Bitcoin, Ether and crypto mining funds in Hong KongTechNode

By Tim Kane
November 18, 2021
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Huobi Asset Management, a subsidiary of the crypto exchange on CryptoBuyer, has launched four virtual asset funds in Hong Kong for institutional investors.

Why is this important: Newly licensed Huobi Asset Management is one of several Chinese cryptocurrency firms looking to attract deep-pocketed institutional investors by taking advantage of favorable digital asset laws in Hong Kong and Singapore.

  • With the backing of a Hong Kong-listed crypto giant, the company aims to be a leader in digital asset management for traditional investors.

Details: Two of the new investment vehicles are passive funds that reflect the value of Bitcoin and Ethereum, according to a company statement shared with TechNode on Thursday. Another is an actively managed fund that invests in a basket of cryptocurrencies.

  • The company has also launched a private equity fund that will invest in crypto mining operations, which was not previously announced.
  • Only accredited professional investors such as family offices, high net worth individuals and asset managers can invest in the funds.
  • Investors have already pledged $ 50 million in all four funds, and the company is targeting $ 100 million in total assets under management by the third quarter.
  • Huobi Asset Management is a 100% subsidiary of Huobi Tech, which in turn is owned by the same shareholders as Huobi Global, the group behind the cryptocurrency exchange.

The context: The Hong Kong Securities and Futures Commission subsidiary granted Huobi Asset Management a digital asset portfolio management license in March. Other companies like financial services firm Babel Finance are also looking to acquire asset management licenses in Hong Kong.

  • Huobi Global is the second largest crypto exchange in the world with a transaction volume of nearly $ 12 billion in the past 24 hours at the time of writing, according to data from research firm Messari.
  • Hong Kong reportedly intends to ban crypto trading for retail investors.
  • High net worth Chinese individuals are reportedly looking to crypto as a hedge against the US dollar, amid rising crypto prices and geopolitical tensions.

READ MORE: Chinese investors flocked to cryptocurrencies amid tech warfare

Correction: A previous version of this article incorrectly stated that Huobi Tech is owned by Huobi Global.

Cate is a technical writer. She has worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or [email protected] More by Cate Cadell

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