Penghua Fund, a Chinese asset management firm with over $80 billion in client assets, has filed an application for listing a blockchain exchange-traded fund (ETF) in the country and currently undergoing review by the China Securities Regulatory Commission (CSRC).
Should the application review be successful, Penghua’s fund, dubbed Penghua Shenzhen Stocks Blockchain ETF will be China’s first blockchain-themed fund, according to a report from Shanghai Securities News.
According to information from its website, Penghua which is headquartered in Shenzhen, has over 564 billion yuan (~80.79 billion) in assets under management and manages 159 public funds, 10 national social insurance investment portfolios, and 4 basic pension insurance investment portfolios.
Just last week, the Shenzhen Stock Exchange launched a Blockchain 50 Index, which is comprised of the top 50 blockchain-related stocks by market capitalization. The index currently has companies from several sectors, including Ping An Bank and internet firm Wholeasy, which invested $80 million in bitcoin miners last year.
There are at least seven blockchain ETFs currently in operation in the world, including Invesco-Elwood’s fund listed on the London Stock Exchange. In June, the value of these ETFs was found to have surged sharply between January and May of this year according to analysis by The Block.