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May 12, 2022
by Usha Yadav
Australia's First Three Cryptocurrency Exchange-Traded Funds Go Live
On Thursday, the Cboe exchange in Australia introduced the first three cryptocurrency exchange-traded funds (ETFs), bringing Bitcoin and Ethereum to the stock market. The Cosmos Purpose Bitcoin Access ETF (CBTC) from Cosmos Asset Management tracks the Toronto Stock Exchange's Purpose Bitcoin ETF (BTCC-B.TO).
The other two funds, created by ETFS Management (AUS) Ltd. in Australia and Swiss 21Shares AG in Switzerland, spot-trade Bitcoin (EBTC) and Ether (EETH) by directly following the underlying asset. The three bitcoin products were supposed to go live on April 27, but brokerage concerns triggered last-minute delays.
As a result of the delayed debut, Cosmos announced that it would not charge investors fees for the next two months. The debut of the ETFs comes at a tumultuous time for the cryptocurrency industry, with Bitcoin and Ethereum trading at their lowest levels since 2022 on Thursday morning Asia time. Three funds were scheduled to debut in late April. However, the launch was postponed indefinitely due to last-minute brokerage issues.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.