Australia Will List 2 Bitcoin ETFs and 1 Ethereum ETF In This Week!

Australia Will List 2 Bitcoin ETFs and 1 Ethereum ETF In This Week!

On May 12, Australia’s first cryptocurrency exchange-traded funds (ETFs) will go live on the country’s CBOE exchange.

The funds, which are dubbed Cosmos Purpose Bitcoin Access ETF, ETFs 21Shares Bitcoin ETF, and ETFs 21Shares Ethereum ETF, are managed by Cosmos Asset Management and ETF Securities. Investors will be able to trade crypto ETFs and all assets for the 21Shares products will be stored in cold storage.

The three funds were supposed to begin in late April, however owing to last-minute brokerage issues, the launch was postponed indefinitely.

The delay was reportedly caused by an unnamed but “strong” prime broker who delayed the funds from being posted on CBOE, highlighting the volatile nature of cryptocurrencies.

According to current sources, Cboe and other market makers had to locate a new broker during the two-week delay since the first primary broker declined to change its mind.

Due to the delay, 3iQ Digital Asset Management, a Canadian ETF provider, was able to enter the competition. On May 3rd, 2022, the Toronto-based firm submitted an application to provide two cryptocurrency products to Australian investors. If approved, the 3iQ products, codenamed BT3Q and ET3Q, will trade on Cboe and track the performance of bitcoin and ether.

ETF Securities crypto funds were developed in collaboration with 21Shares, a Swiss ETF producer. Under the terms of the arrangement, ETF Securities will administer the products, while 21Shares will provide operational and research support.

Meanwhile, despite the fact that other countries like Canada and Switzerland have authorized their first crypto ETFs, the United States continues to reject applications for physically-backed Bitcoin ETFs. While the Securities and Exchange Commission (SEC) is currently rejecting requests for spot ETFs, a few Bitcoin Futures ETFs have been approved.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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