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Australia Crypto ETF Market Heats Up With Two More Spot Funds Set to Launch
21Shares and ETF Securities will introduce Australia's first spot exchange-traded products for bitcoin and ether next week.
Updated May 11, 2023, 5:33 p.m. Published Apr 20, 2022, 10:21 a.m.
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The market for crypto exchange-traded funds in Australia is becoming more crowded, with two spot exchange-traded funds from 21Shares set to launch next week, joining an offering from Cosmos Asset Management.
- 21Shares, which has $2.5 billion in assets under management with 30 global exchange-traded products, has partnered with ETF Securities to launch a bitcoin ETF and an ether (ETH) ETF, the company said in a statement Tuesday.
- The products will be the first in Australia to invest directly in the underlying assets. Cosmos Asset Management's ETF invests in the Toronto-based Purpose Bitcoin ETF as opposed to spot bitcoin.
- Both funds will be listed on the Cboe Exchange starting on April 27 with prices being tracked against the Australian dollar.
- The funds will hold bitcoin and ether in cold storage, with Coinbase (COIN) as the custodian.
- The two products give investors a "way of trading crypto in a tightly-regulated environment without having to maintain their wallet and manage risk," said Graham Tuckwell, executive chairman of ETF Securities Australia.
- The introduction of crypto ETFs in Australia prompted criticism of U.S. regulators from VanEck Director Gabor Gurbacs, who labeled the U.S. Securities and Exchange Commission's conservative stance on listing a bitcoin ETF as "a big loss for investors."
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