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Korea’s KTCU denies plans to invest in bitcoin ETF

KTCU
By Hui Ching-hoo   
October 28, 2021

The Korea Teachers’ Credit Union (KTCU), a 40 trillion won (US$34.2 billion) welfare scheme for teachers and school administrators, denied that it plans to invest in a bitcoin exchange-traded fund.

The denial came a day after The Korea Economic Daily quoted market sources as saying that KTCU is planning to invest in a bitcoin ETF created by an external partner. According to the report, this would make it the first Korean asset owner with exposure to a cryptocurrency ETF.

“The KTCU has never reviewed an investment in a bitcoin-related ETF, and will never have a plan to do so,” the credit union says in a brief statement on October 26.

Speculation about its plans comes amid rising investor interest in cryptocurrencies.

Last week, US ETF manager ProShares launched the world’s first bitcoin ETF, which became the second most highly traded ETF initial public offering, with a trading volume of more than $1.2 billion in the first two days.

According to figures from German data provider Statista, market capitalisation of global bitcoin assets reached a record $1.17 trillion in April. The figure has since declined slightly since and was at $1.14 trillion on October 24.