Australians will soon have additional cryptocurrency exchange-traded funds options (ETFs). The three delayed Australian ETFs finally got approval this week after a previous setback.
The most recent update came late Monday, when Cboe Australia published a batch of market announcements. The said announcements state that three stalled funds will begin trading on May 12. Cosmos Asset Management has a Bitcoin (BTC) ETF, while 21Shares has Bitcoin (BTC) and Ether (ETH) spot ETFs.
Three delayed Australian ETFs due to ‘standard checks’
Apr 26 marked the Cboe Australia exchange. This occured a day before three of the first crypto ETFs planned to start. The “standard checks” delayed three Australian ETFs.
A representative for 21Shares confirmed that the company will “list on May 12” and to resolve “downstream issues.”
A “service provider downstream,” which was thought to be a prime broker for other big financial institution, needed extra time to assist the launch of the products, according to 21Shares at the time.
More crypto-asset exposure
The listing date coincides with the entry of a new participant into the ETF race. On Apr. 28, 3iQ, a Canadian company with Bitcoin and Ether spot ETFs on the Toronto Stock Exchange (TSX), filed two offer notices with the Australian Securities Exchange (ASX).
The notices indicated that the company intends to list units of its Bitcoin and Ether ETFs on the Cboe Australia market. It will give crypto-asset exposure by purchasing units of existing TSX funds, comparable to Cosmos’ ETF, which purchases the Canadian Purpose Bitcoin ETF.
Uncertainty looms as to when the listing of funds from 3iQ. But, with the announcement of the Cosmos and 21Shares funds listing this week, it’s unlikely. 3iQ must win the competition to be the first Australian crypto ETF: the prize worth more than $1 billion in inflows.