Thailand’s First Crypto ETFs Expected to Launch Quietly, Says CoinShares Analyst

Thailand is opening the door to locally listed Bitcoin and Ether funds, but one analyst expects investors to move slowly at first.

Thailand Bitcoin and Ether ETF Rules Take Effect

New rules allowing Bitcoin and Ether ETFs to list on the Stock Exchange of Thailand start on Friday. Retail investors will be able to buy locally listed crypto funds, while overseas crypto ETF purchases through domestic brokers will be limited to institutional and ultra-high-net-worth clients. Before any fund can trade, issuers still need regulatory approval along with custody and distribution arrangements in place.

CoinShares Expects Modest Early Inflows

Head of research at CoinShares, said inflows of tens of millions of US dollars across the first products are more realistic than billions. He pointed to Hong Kong as a warning sign: despite its status as a financial hub, it holds just 0.42% of global crypto exchange traded product assets, or $733 million of the $172.9 billion total as of late September.

Existing Options Could Limit Demand for Thai Crypto ETFs

MFC Asset Management launched a fund in 2024 that invests in BlackRock’s iShares Bitcoin Trust, and Butterfill named it as an issuer to watch. He also named ONE Asset Management, which in 2024 became the first Thai manager to win approval for a Bitcoin ETF linked fund. He has not confirmed whether either firm plans a local listing or when trading might begin.