Australia to List Bitcoin & Ethereum ETFs for the First Time -Breaking
Australia will list three of its first cryptocurrency-exchange traded funds (ETFs), on Thursday, 12 May. Cosmos Asset Management will handle the listing of Australia’s first crypto ETFs. ETF Securities will also manage them. The three freshly made ETFs are based on BTC and ETH, and will be known as ‘Cosmos Purpose Access ETF’, ‘ETFs 21Shares Bitcoin ETF’ and ‘ETFs 21Shares ETF’.
Australia’s first cryptocurrency ETFs are expected to list on Thursday after “downstream issues are resolved” https://t.co/Kk1s9w5NdL
— Bloomberg Australia (@BloombergAU) May 9, 2022
ETFs are funds that can be traded on an exchange. ETFs offer traders a range of assets which can be purchased or sold in active markets hours. ETFs offer the opportunity to diversify your portfolio, making them safer than stocks. This is a major reason why ETFs are preferred by long-term investors.
The three ETFs were supposed to see be listed in April, but had to be postponed as one of the primary brokers decided not to list the ETFs due to the ‘volatile nature of cryptocurrencies’. However, his skepticism didn’t pay off. Though his colleagues weren’t able to change his mind, the ETFs found a new lease of life with a new different broker a month later.
Canada and Switzerland Approve First Cryptocurrency ETFs
Both Canada and Switzerland work together to stay on top of industry innovations and are soon to release crypto-based ETFs. Canadian company 3iQ Digital Asset Management seized the opportunity, taking advantage of the delay to Australia’s ETFs to offer two of their own ETFs to the Australian public. ‘BT3Q’ and ‘ET3Q’ offer Bitcoin and Ethereum funds respectively, and represent strong challengers.
Crypto ETF race in Australia led by Canada’s 3iQ Digital Asset Management ahead of ETF Securities and Cosmos Asset Management – The Australian Financial Review https://t.co/wU5pMUkZ1k
— Stockexamen – RIT@Work – AKA (MoneyBags) (@stockexamen) May 1, 2022
The U.S. has yet to be able to receive Bitcoin EFTs physically-backed by Bitcoin EFTs. President Joe Bidden signed a new crypto bill, which may help.