{"id":9822,"date":"2022-04-26T14:18:43","date_gmt":"2022-04-26T14:18:43","guid":{"rendered":"http:\/\/ci029fab89c0002749"},"modified":"2022-04-26T14:18:43","modified_gmt":"2022-04-26T14:18:43","slug":"australian-bitcoin-spot-etf-launch-is-delayed","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/australian-bitcoin-spot-etf-launch-is-delayed","title":{"rendered":"Australian Bitcoin Spot ETF Launch Is Delayed"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><ul>\n<li>The first Australian bitcoin spot ETF from Cosmos Asset Management has been delayed. <\/li>\n<li>The delay comes as a surprise since the national clearing house and corporate regulator had previously greenlit the product. <\/li>\n<li>AFR reports that an unknown \u201cprime\u201d or \u201cexecuting\u201d broker is behind the delay.<\/li>\n<\/ul>\n<p>ETF Securities and 21 Shares were set to launch Australia\u2019s first <a href=\"https:\/\/bitcoinmagazine.com\/guides\/spot-bitcoin-etf\">bitcoin spot exchange-traded fund (ETF)<\/a> on April 27, but the product\u2019s listing has now been delayed<em>.<\/em><\/p>\n<p>An announcement from the Cboe Australian exchange explaining the delay came as a surprise since both the corporate regulator and national clearing house, ASX Clear, had already <a href=\"https:\/\/bitcoinmagazine.com\/markets\/australias-first-spot-bitcoin-etf-to-launch-next-week\">given the green light<\/a> for the ETF\u2019s launch. <\/p>\n<p>\u201cWe are now at our minimum number of clearing participants and that means we are good to go,\u201d said Hamish Treleaven, the chief risk officer at ASX, <a href=\"https:\/\/www.afr.com\/chanticleer\/bitcoin-etfs-get-the-green-light-20220419-p5aela\" target=\"_blank\" rel=\"noopener\">at the time<\/a>. <\/p>\n<p>Cboe explains the delay as a matter of routine checks and balances.<\/p>\n<p>\u201cStandard checks prior to the commencement of trading are still being completed,\u201d Cboe stated in a Tuesday <a href=\"https:\/\/www.cboe.com.au\/wp-content\/uploads\/2022\/04\/Cboe-Funds-Market-Circular-22005ETF.pdf\" target=\"_blank\" rel=\"noopener\">announcement<\/a>. <\/p>\n<p>However, a report by the <a href=\"https:\/\/www.afr.com\/companies\/financial-services\/failure-to-launch-crypto-etfs-hit-listing-snag-20220426-p5ag4s\" target=\"_blank\" rel=\"noopener\"><em>Australian Financial Review<\/em><\/a> blames the delay on \u201ca powerful prime broker.\u201d<\/p>\n<p>The report from AFR states that while the Cboe was quick to position this decision as part of a routine process, \u201cmultiple market sources expressed frustration\u201d that the five-month approval process had once again been delayed for the speculated $1 billion inflow expected upon approval.<\/p>\n<p><em>AFR<\/em> detailed that a \u201cservice provider downstream\u201d caused the delay, explaining that the entity is a \u201cprime\u201d or \u201cexecuting\u201d broker. Whoever this service provider is, its approval is needed for the market maker \u2013 an appointed entity that sets bid and ask prices for the ETF \u2013 to operate a functional marketplace. <\/p>\n<p>A spokesperson for Cosmos Asset Management, another issuer that <a href=\"https:\/\/bitcoinmagazine.com\/markets\/australias-first-bitcoin-etf-to-list-next-week-report\">would launch a bitcoin ETF on the same day<\/a>, reportedly stated, \u201cCosmos AM has approval from the exchange to commence quoting and we\u2019re working towards that goal.\u201d <\/p>\n<p>However, sources close to Cosmos reportedly stated they were hopeful the strategy of buying units from the existing Purpose Bitcoin ETF listed on the Toronto Stock Exchange, rather than actual bitcoin, might be more appealing to the prime broker which would allow them to list before its competitors. <\/p>\n<p>Cboe said it would provide an update in the coming days. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first bitcoin spot ETF in Australia has been delayed, reportedly by a \u2018prime\u2019 broker, and it is unclear when it will start trading.<\/p>\n","protected":false},"author":2785,"featured_media":3103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[275,212,93,878],"class_list":["post-9822","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-australia","tag-bitcoin-etf","tag-news","tag-spot-etf"],"author_data":{"id":2785,"name":"Shawn Amick","nicename":"shawn-amick","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/MjEwMTYzMzc3Njg5ODYzNjQ2-96x96.webp"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/cboe-will-not-relist-bitcoin-futures-contracts-for-march.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/9822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2785"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=9822"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/9822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/3103"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=9822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=9822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=9822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}