Recently, on June 4, 2024, Bangkok’s local media published a report that garnered massive attention from the crypto community and is considered a significant victory for the world’s biggest cryptocurrency, Bitcoin. According to the Bangkok Post, today, the Thai Securities and Exchange Commission (SEC) has given the green light to One Asset Management (ONEAM), allowing it to launch Thailand’s first Bitcoin Exchange-Traded Fund (ETF).
Thailand set to launch first Bitcoin ETF
This major approval comes after Australia announced its first Bitcoin ETF yesterday, as reported by Todayq News. The newly approved spot Bitcoin ETF will be named the One Bitcoin ETF Fund. This innovative fund, designed for wealthy and institutional investors, will invest in 11 top global funds that have already met strict regulatory standards in the United States and Hong Kong. Consequently, retail investors will not be able to participate in this ETF.
The approval marks a significant milestone in Thailand’s financial landscape, providing sophisticated investors with a new way to gain exposure to Bitcoin through a regulated investment vehicle. This launch follows regulatory changes by the SEC in April 2024, which paved the way for Bitcoin ETFs aimed at institutional investors.
With this ETF approval, Thailand now joins other forward-thinking jurisdictions like the United States, Hong Kong, Australia, and the United Kingdom in offering Bitcoin ETFs. ONEAM’s Bitcoin ETF will invest in 11 prominent global Bitcoin funds, ensuring both liquidity and security for investors. By providing a regulated framework for Bitcoin exposure, the ETF mitigates risks such as theft associated with direct Bitcoin holdings. This makes it a secure and convenient option for institutional investors looking to venture into the cryptocurrency market.
Bitcoin price-performance analysis
The approval of a Bitcoin ETF in Thailand signifies a growing demand among local institutions to incorporate Bitcoin into their investment portfolios. It also sets the stage for broader adoption of cryptocurrencies, encouraging more investors to explore this emerging asset class.
However, following this approval, there hasn’t been any major change at the $69,000 level, and Bitcoin experienced a 1% price drop. Looking at the price performance of Bitcoin over a longer period, in the last 7 days, Bitcoin remained stable near $69K. Whereas, in the last 30 days, Bitcoin experienced 8% upside momentum. Besides Bitcoin, other top cryptocurrencies are also experiencing downside momentum, including Ethereum (ETH), Solana (SOL), and Binance Coin (BNB).
