Australia’s first cryptocurrency exchange-traded funds (ETFs) are set to go live on Thursday May 12 on the country’s Cboe exchange after delays kept the financial products off the market for two weeks.
See related article: Launch of three crypto ETFs in Australia delayed
Fast facts
- Three funds were initially announced for listing in late April before last-minute brokerage delays suspended the launch indefinitely.
- ETFs grant investors exposure to an underlying asset by tracking that asset’s price as a share on a stock market.
- Australian ETFS Management (AUS) Ltd. and Swiss 21Shares AG are launching two spot-traded ETFs, ETFS 21Shares Bitcoin ETF (EBTC) and ETFS 21Shares Ethereum ETF (EETH).
- All assets for the two products will be held in cold storage and will allow investors to trade in the ETFs for crypto.
- The third fund, Cosmos Purpose Bitcoin Access ETF (CBTC) by Cosmos Asset Management CBTC, will invest in Bitcoin via the Canadian Purpose Bitcoin ETF.
- Bitcoin’s price has fallen roughly 20% in value since the ETFs were initially launched, trading at US$30,801 at press time.
See related article: A fast one from down under: Australia approves BTC, ETH ETFs