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After a brief delay, Australia’s first crypto exchange-traded funds (ETF) will debut this week on May 12.
Three Australian crypto ETFs
The most recent update came late on Monday when Cboe Australia published a batch of market announcements stating that three previously delayed funds are due to begin trading on May 12. They include a Bitcoin (BTC) ETF from Cosmos Asset Management, as well as Bitcoin (BTC) and Ether (ETH) spot ETFs from 21Shares.
“Cosmos Asset Management is pleased that exchange Cboe has announced that trading for Australia’s first bitcoin spot ETF will begin Thursday” Cosmos CEO Dan Annan told the Financial Review.
The funds were scheduled to begin trading on April 27. Still, their much-anticipated debuts were delayed at the last minute by a prominent prime broker unwilling to play a role in facilitating investor access to the cryptocurrency market.
3iQ joined the race
Because of the delay, 3iQ, a Canadian firm with Bitcoin and Ether spot ETFs listed on the Toronto Stock Exchange (TSX), was able to file two offer notices to the Australian Securities Exchange (ASX) on April 28 in competition with the current listings. Several analysts predicted that the 3iQ funds would likely list as soon as the forthcoming Cosmos ETF, given its comparable structure. However, this does not appear to be the case.
It is unclear when 3iQ will introduce its ETFs, but with the announcement of the Cosmos and 21Shares funds launching on May 12, it appears unlikely that 3iQ will be able to open on time to be Australia’s first crypto ETF.
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