Thailand Crypto ETFs May Stumble Out of the Gate: CoinShares — SkimNews
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- CoinShares analyst James Butterfill said Thailand's crypto ETFs may see a slow start despite new rules, citing competition from existing investment options that already give Thai investors Bitcoin exposure.
- Global crypto investment products held $172.9 billion in assets under management as of late September, including $733 million in Hong Kong, according to CoinShares data.
- MFC Asset Management introduced its Bitcoin ETF Tracker Fund (MBTCETF-UI) in 2024, which invests in BlackRock's iShares Bitcoin Trust (IBIT) — the world's largest spot Bitcoin ETF by assets.
- ONE Asset Management became the first Thai asset manager to receive approval for a Bitcoin ETF-linked fund in 2024, according to Butterfill.
- Butterfill said local ETFs "need to attract new investors or offer a compelling reason to switch" from foreign funds or direct crypto trading, and had not confirmed either MFC or ONE's plans to launch a locally listed crypto ETF or timing for first products.
Why it matters: For Thai regulators and the asset managers eyeing a domestic crypto ETF market, Butterfill's analysis frames the launch as a marketing problem rather than a regulatory one — local products must beat the convenience of foreign wrappers like BlackRock's IBIT and direct exchange access, or risk debuting into a saturated investor base that has little reason to switch.
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