Australia’s mass retail appetite for cryptocurrency is about to be tested as two Bitcoin and one Ethereum spot exchange-traded funds (ETFs) have been approved for listing.
See related article: New Australian ETF grants exposure to Bitcoin mining sector
Fast facts
- All three ETFs are set to go live on Cboe (formally Chi-X) Exchange on April 27.
- Swiss-based 21Shares and Australian ETF Securities have partnered to offer Bitcoin and Ethereum ETFs that are backed by respective assets held on Coinbase.
- Another Bitcoin ETF comes from Cosmos Asset Management, which invests in crypto through the Purpose Bitcoin ETF listed in Toronto.
- ETFs allow retail investors to gain indirect exposure to an asset through stock trading.
- The U.S. Securities and Exchange Commission has remained hesitant about Bitcoin spot ETFs, while greenlighting Bitcoin Futures ETFs.
- Cosmos already operates two other adjacent funds in Australia, the Global Digital Miners Access ETF and the unlisted Bitcoin Wholesale Access Fund.
See related article: SEC comes around on Bitcoin ETFs