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News Report

Australia Green Lights Bitcoin ETFs With Launch Set for Next Week

2 mins
Updated by Kyle Baird

In Brief

  • Bitcoin exchange-traded funds are set to make their debut in Australia.
  • The move is seen as a gateway to the Asia-Pacific region for ETFs.
  • While the U.S. is seen as a market leader, there is evidence of heavy interest in Bitcoin ETFs in Australia.
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Australia look set to approve its first two bitcoin exchange-traded funds (ETFs) in the next week, starting with the Cosmos Purpose Bitcoin Access ETF by Cosmos Asset Management.

The launch will go ahead assuming no last-minute changes by the regulators. Cosmos intends to invest in the Purpose Bitcoin ETF, the leading ETF in Canada with assets of over $1 billion, reports Bloomberg.

Australia’s first ETF goes live on April 27.

ASX Clear, the clearinghouse for all shares, structured products, warrants and equity derivatives, has confirmed that four market participants will cover the initial margin requirements of 42%, and barring any hurdles, the ETF will go live on April 27.

And 21Shares and ETF Securities are also looking to float their own funds in Australia. The funds are looking to provide investors with exposure in both BTC and Ethereum (ETH) markets, with assets being held in cold storage by Coinbase Global.

“Once we decided to build a range of crypto ETFs for the Australian market, there was only one partner we wanted to work with, and that’s 21Shares,” said Graham Tuckwell, Chairman of ETF Securities Australia. 

“Its pioneering approach to secure investment in cryptocurrencies has been emulated by other fund managers around the world.”

The U.S. made history last Oct when the Securities and Exchange Commission (SEC) approved the first bitcoin ETF. The funds were an instant hit recording billions in inflows within weeks.

According to Bloomberg Intelligence, the U.S. is the leader in publicly listed crypto funds with 74% of the market share. Europe holds 15%, while Canada has around 9%. But many believe Australia could attract a piece of the action in the coming months.

 “Compare that with the U.S. which has been trying to launch one of these since 2013 and I would say Australia did not take all that long,” said James Seyffart, a leading analyst at Bloomberg Intelligence.


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