BitFlyer Holdings Acquires FTX Japan, Eyes Crypto ETF Launch
BitFlyer Holdings has acquired FTX Japan and integrated it as a wholly owned subsidiary.
In a Friday post on X, Yuzo Kano, CEO of BitFlyer Holdings, announced the completion of the acquisition.
“A company is needed that has the security technology to safely store the physical BTC that will serve as the ETF’s backing asset,” he wrote.
“Through our custody business, we aim to become a public service that serves as an industry infrastructure.”
FTX Japan’s acquisition follows the infamous collapse of its parent company, FTX, which was once the world’s second-largest crypto exchange by trading volume.
The collapse in November 2022 resulted in significant financial losses, with at least $8.9 billion in user funds unaccounted for.
The firm also revealed that it plans to expand its offerings, particularly in the realm of crypto-based exchange-traded funds (ETFs).
Kano said that the acquisition of FTX Japan is a critical step towards launching the first crypto ETFs in the Japanese market.
He expressed optimism about the timeline for these ETFs, drawing parallels with the United States, where institutional investment has surged following the introduction of Bitcoin ETFs.
“In the United States, the inflow of funds from institutional investors has accelerated since the listing of the Bitcoin ETF. I believe the day will come when ETFs will be listed in Japan,” he added.
米国ではビットコインETF上場をきっかけに、機関投資家からの資金流入が加速しています。
日本でもETFが上場する日が来ると信じています
そして、ETFの裏付け資産となる現物BTCを安全に保管できるセキュリティ技術を保有した会社が必要です。… https://t.co/0d1FZbNYwW
— 加納裕三@bitFlyer (@YuzoKano) July 26, 2024
Crypto ETFs have played a pivotal role in the appreciation of underlying assets.
For instance, by February 15, Bitcoin ETFs accounted for approximately 75% of new investments in Bitcoin, pushing
Read more on cryptonews.com
