Reports said that Australians will soon have more options for spot cryptocurrency exchange-traded funds (ETFs) after a previous hold-up was given the green light this week and new funds entered the ETF market.
It has been reported that the latest update came late on Monday as Cboe Australia issued a round of market notices that three funds previously delayed are expected to begin trading on May 12. They include a Bitcoin (BTC) ETF from Cosmos Asset Management, plus BTC and Ether (ETH) spot ETFs from 21Shares.
A spokesperson from 21Shares said:
“We’re listing on May 12, this Thursday. The downstream issues are resolved.”
However, on April 26, a day before three of the first crypto ETFs were set to launch, the Cboe Australia exchange delayed the listing of all three funds due to what it said were “standard checks.”
21Shares said that a “service provider downstream” needed more time to support the launch of the products, which was believed to be a prime broker or other major financial institution. The listing data comes just in time as a new competitor stepped into the ETF race. 3iQ, the Canadian firm with Bitcoin and Ether spot ETFs listed on the Toronto Stock Exchange (TSX), submitted two offer notices to the Australian Securities Exchange (ASX) on April 28.
The report said that the notices revealed plans for the firm to offer Bitcoin and Ether ETFs units on the Cboe Australia exchange. It will provide exposure to the crypto assets by purchasing units of the existing funds on the TSX, similar to Cosmos’ ETF, which buys the Canadian Purpose Bitcoin ETF.
Thus, it's not clear when the funds from 3iQ will be listed. Still, with the announcement of the Cosmos and 21Shares funds listing this week, it’s unlikely 3iQ will win the competition of being the first Australian crypto ETF, the prize of which it’s believed could be over $1 billion in inflows.