As the delayed funds from Cosmos and 21Shares launch this week, Australians will soon have five options for cryptocurrency exchange-traded funds (ETFs).
After a previous hold-up was lifted this week and new funds entered the ETF market, Australians will soon have more options for spot cryptocurrency exchange-traded funds (ETFs).
The most recent update came late on May 9, when Cboe Australia issued a round of market notices stating that three previously delayed funds will begin trading on Thursday, May 12. Cosmos Asset Management’s Bitcoin ETF is among them, as are 21Shares’ Bitcoin (BTC) and Ethereum (ETH) spot ETFs.
The Cboe Australia exchange delayed the listing of all three funds on April 26, a day before three of the first crypto ETFs were set to launch, citing “standard checks.”
At the time, 21Shares said that a “downstream service provider,” which was thought to be a prime broker or another major financial institution, needed more time to support the launch of the products.
The listing date arrives just as a new competitor enters the ETF race. On April 28, 3iQ, a Canadian company with Bitcoin and Ethereum spot ETFs listed on the Toronto Stock Exchange (TSX), filed two offer notices with the Australian Securities Exchange (ASX).
The notices revealed that the company intends to list units of its Bitcoin and Ethereum ETFs on the Cboe Australia exchange. It will provide exposure to crypto assets by purchasing units of existing TSX funds, similar to Cosmos’ ETF, which will purchase the Canadian Purpose Bitcoin ETF.
It is unclear when the funds from 3iQ will be listed, but with the announcement of the Cosmos and 21Shares funds listing this week, it is unlikely that 3iQ will win the competition to be the first Australian crypto ETF, the prize of which is thought to be over $1 billion in inflows.
