Cryptocurrency-focused firm 21Shares has teamed up with main exchange-traded fund (ETF) supplier ETF Securities to launch Australia’s first spot bitcoin ETF, the agency mentioned in an announcement Tuesday.
The 21Shares Bitcoin ETF (EBTC) is set to go dwell on the nation’s Cboe buying and selling platform, previously Chi-X, on April 27. 21Shares’ product joins an analogous fund from Cosmos Asset Management that may begin buying and selling on the identical day.
Cosmos’ product grew to become the primary bitcoin ETF to obtain the inexperienced mild for launching in Australia yesterday because the supervisor agreed to the nation’s primary clearing home necessities for 42% of margin for such a product.
However, 21Shares’ fund would be the first providing to make investments straight into the underlying asset. Cosmos’ bitcoin ETF will get hold of publicity to the worth of bitcoin by investing in Toronto, Canada-based Purpose Bitcoin ETF, North America’s first spot BTC ETF that launched early final 12 months.
Hany Rashwan, CEO and co-founder of 21Shares, mentioned in a statement that his firm’s crew is “incredibly excited” to be the primary to provide a spot bitcoin ETF in Australia.
“Australian investors clearly want and deserve an affordable, easy, and professional way to access the growing crypto asset class and we’re delighted to continue building accessible bridges into the crypto world,” Rashwan added.
21Shares mentioned EBTC will maintain precise BTC on chilly storage custody by Coinbase to observe the worth of Bitcoin in Australian {dollars}.
Australia is now set to be a part of Canada, Singapore and Brazil as a rustic that provides a spot bitcoin ETF to traders, a straightforward onboarding expertise for these fascinated by acquiring publicity to the worth of the peer-to-peer digital money.
Despite the recognition of such a product, nevertheless, the U.S. retains being led astray as its Securities and Exchange Commission (SEC) refuses to approve a spot providing for bitcoin publicity to listing within the nation.
