What’s in HSBC’s Metaverse Fund for Hong Kong, Singapore Private Banking Clients?; Bitcoin Declines

April 11, 2022 World iGaming & Gambling

The financial services giant has been short on specifics, and the mystery underscores the difficulties in defining what belongs in such products; ether also falls.

Prices: Bitcoin and ether continue falling; other major cryptos are mixed.

Insights: The holdings of HSBC’s Metaverse Fund for Hong Kong and Singapore private banking clients remain unclear, underscoring a fundamental concern about such products.

Technician’s take: The current pullback appears to be temporary ahead of seasonal strength.

Bitcoin (BTC): $42,330 -0.4%
Ether (ETH): $3,226 -0.5%

The holdings of HSBC’s Metaverse Fund remain a mystery
Last week HSBC (HSBC) announced a Metaverse Fund for its private banking clients in Hong Kong and Singapore. To the outsider, this has all the makings of a FOMO narrative: accredited investors only, investors in Hong Kong and Singapore only – where more exciting investment opportunities are available – and finally the metaverse, which Citi claims will be a $13 trillion opportunity by 2030.
But what exactly is this fund? What does it hold? Does anyone know? The official response from HSBC is boilerplate and the company declined to go into specifics. “The portfolio is actively managed and focuses on investing in companies within the metaverse ecosystem, with five key segments, namely Infrastructure, Computing, Virtualization, Experience and Discovery, and Human Interface.”