Huobi’s HB10 ETF over subscribed in 3 days!

In a first of its kind offering, Huobi launched subscription for its Huobi 10 index tracked fund, the HB10 on June 1. The subscription was open to the general audience and anyone could invest with either BTC or ETH or the Huobi’s native HT token .

The HB10 ETF closely follows the Huobi Index upto tracking error of 0.2% and the initial subscription was expected to be open till June 7th, as per the original schedule.

However Huobi announced later on June 1st that over $10m was subscribed within just an hour of the subscription period. Today, Huobi informed its investors that the subscription period has ended much before the scheduled closing date, and preparations are on to allocate the funds and make it available for trading. In a statement on its main exchange, Huobi posted:

Thanks for everyone’s attention and recognition to the first tracking index product HB10 on Huobi Pro. After the preparation period, trading will be open immediately.

As per the terms of the offer, Huobi would require a preparation period of 5 days following which the ETF would be available for trading against USDT.