According to the Bangkok Post, the Securities and Exchange Commission of Thailand has approved One Asset Management (ONEAM) to be the first company in Thailand to launch a Bitcoin spot ETF. It is reported that the fund will not directly invest in Bitcoin, but will indirectly invest through 11 leading global Bitcoin spot ETFs to ensure liquidity and security. However, it is important to emphasize that the fund is only open to institutional investors, and retail investors cannot participate.
Pote Harinasuta, CEO of ONEAM, stated that there are additional risks involved in directly investing in Bitcoin through various platforms, such as data loss or hackers stealing digital assets through the internet. When investing through an ETF, the unit holders’ data or tokens will be distributed through a custodian, meaning that tokens can be stored offline for higher security. Pote Harinasuta suggested allocating 5% of the investment portfolio to Bitcoin, as holding Bitcoin can help increase expected returns and the Sharpe ratio of the portfolio.
In addition to the approved ONEAM, asset management company MFC is currently awaiting approval from the Securities and Exchange Commission of Thailand for its Bitcoin ETF, which is also limited to institutional investors.