Thailand launches first spot Bitcoin fund
The Thailand Securities and Exchange Commission (SEC) has approved the country's first spot Bitcoin Exchange-Traded Fund (ETF).
The move marks a significant milestone in the cryptocurrency fortunes of the country.
SEC endorsed One Asset Management (ONEAM) as the first company to launch the fund. The
The ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI) is restricted to ultra-high net-worth individuals (UHNWI) and wealthy institutional investors.
According to the Bangkok Post, the fund has a policy to allocate its investments across 11 prominent global funds, ensuring both liquidity and safety. It adheres to rigorous international standards for secure coin storage and has been reviewed by regulatory agencies in the United States and Hong Kong.
ONE-BTCETFOF-UI is scheduled to be distributed between May 31 and June 6 with an investment risk level of eight.
A spot bitcoin ETF is an exchange-traded fund that tracks the current price of bitcoin. It offers investors a way to invest directly without having to buy or hold the assets.
