Bitcoin Tops USD 85,000 to Hit an Eight-Month High as the SEC's Tokenization Exemption Lands; Samsung Blockchain Technologies Etf (03171.HK) Gains 17.18% Year to Date

Wind data show that Samsung Blockchain Technologies Etf (03171.HK) closed at HKD 48.62 as of 22 September, up 0.66% after a 4.04% gain the previous trading day; as of 22 September, the fund's size stood at about USD 12.18 million with a net asset value per unit of HKD 49.533 and 1.9287 million units in issue, with the closing price at a discount of about 1.84% to net asset value and secondary-market turnover relatively thin (about HKD 195,000 on 17 September).

On performance, the product rose 17.18% year to date, 28.96% over the past six months, 0.02% over the past year, 89.52% over the past two years and 228.37% over the past three years, while the Hang Seng Index returned -2.12%, -0.75%, -4.77%, +37.40% and +38.93% and peer funds returned +11.01%, +13.30%, +14.49%, +29.21% and +51.89% over the same periods, leaving the ETF ahead of the Hang Seng Index by about 19.3 percentage points and ahead of peers by about 6.2 percentage points during the year and well ahead of both over three years, though it lagged peers by about 14.5 percentage points over the past year, a marked divergence between short- and long-term returns. Cryptocurrencies strengthened on 22 September, with Bitcoin briefly breaking above USD 85,000 to a high not seen since late January, up 5.12% in 24 hours; on 19 September Coinbase closed up 11.7%, Strategy gained 16.4% and Hut 8 rose 8.5%, with crypto-related stocks generally outperforming Bitcoin itself.

On the news front, the positives: the SEC issued an "innovation exemption" rule allowing qualifying platforms to offer tokenized stock trading in the United States with five-year regulatory relief, repairing the negative sentiment after the CLARITY Act stalled; capital flows into crypto ETFs turned positive again, 24-hour market liquidations totalled about USD 400 million and were mainly short positions, the Fear and Greed Index returned to "Greed", and total global crypto market capitalization rose to USD 2.81 trillion. On 1 September, 21 international financial institutions including Bank of America, Citi, Goldman Sachs and UBS announced plans to jointly establish a stablecoin issuer, with the first USD stablecoin slated for the first half of 2027, and total stablecoin market capitalization has grown to about USD 303 billion from about USD 200 billion at the start of 2025, while more than 140 companies including Stripe, Coinbase, Visa, Mastercard and BlackRock are also advancing open USD stablecoins. On the downside: the CLARITY Act has stalled in the Senate and US digital-asset regulation has split into a congressional-legislation track and an agency-administrative track, leaving uncertainty; Fed rate hikes and Middle East geopolitical conflict continue to weigh on risk appetite; competition in tokenization and stablecoins is intensifying, with Circle falling about 6% on 1 September; and Bitcoin remains highly volatile, having traded below USD 80,000 for an extended period before mid-August.

Managed by Samsung Asset Management (Hong Kong) Limited and listed in Hong Kong on 23 June 2022 with a total expense ratio of 1.17%, the product is an actively managed ETF with no tracking index: at least 70% of net asset value is invested in the equities of global blockchain companies, defined across three categories — developers, beneficiaries (direct and indirect) and investors — with a 10% cap on any single security; it may invest on a supplementary basis in blockchain-related ETFs (including US-listed crypto futures ETFs, capped at 10% of net asset value) and may engage in securities lending of up to 25% of net asset value (about 20% expected). As of 17 September, its top ten holdings totalled about 39.3%: Samsung Bitcoin Futures Active ETF 7.23%, Figure Technology 4.47%, Robinhood 4.26%, Dell 3.81%, Galaxy Digital 3.53%, AMD 3.38%, Cipher Digital 3.29%, Opera 3.21%, Hut 8 3.07% and TeraWulf 3.00%, with information technology and financials each accounting for about 37% and coverage spanning crypto exchanges, miners, corporate treasury holders and tokenization infrastructure. Small in size (about USD 12.18 million), thinly traded and occasionally trading at a discount, the product suits investors bullish on the industrialization of blockchain and digital assets who can tolerate higher volatility and liquidity risk. Risk warning: for reference only; this is not investment advice; past performance does not guarantee future results; invest with caution. (Data source: ROYALFLUSH INFO iFinD, as of 23 September 2026)

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