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Beginning the next week, Australian investors will be able to trade the first Bitcoin spot ETF when the Cosmos Asset Management Bitcoin ETF opens on ASX Clear.
Financial authorities have given Australia's first Bitcoin (BTC) exchange-traded fund (ETF) to begin trading on April 27. According to the Australian Financial Review, the fund may get as much as $1 billion in inflows.
ETFs are regulated exchange-traded funds that enable investors to profit from the price of Bitcoin without owning any coins.
Cosmos Asset Management issued Australia's first Bitcoin ETF, beating out local competitors VanEck, BetaShares, and EFT Securities. According to the Sydney Morning Herald, each company has been in contention to get regulatory clearances since at least March.
The Bitcoin ETF from Cosmos Asset Management will be listed on CBOE Australia, pending permission by Australia Securities Exchange (ASX) Clear capital markets clearing. According to a Tuesday AFR report, approval was granted after Cosmos secured the minimum of four market players to back the 42 percent margin requirements needed to cover the risk.
The Cosmos Bitcoin ETF provides indirect spot Bitcoin exposure via the Canadian Purpose Bitcoin ETF.
Kurt Grumelart, the trader at Australian asset management company Zerocap, described the ETF certification as “exciting” and stated that it “validates greater institutional adoption” in the wake of the record-breaking debut of the Betashares CRYP fund that invests in crypto-exposed United States Shares. On its November 2021 launch, the fund received $10 million in net inflows inside the first ten minutes.
Grumelart anticipates that the next Bitcoin ETF will enjoy similar success:
The event is a significant step forward for Australia and the crypto sector.
Grumelart projected that a successful launch will attract a large number of competitors. “If outside markets are any indicator, a successful debut is likely to result in many listings for crypto asset-based funds other than Bitcoin,” he added.
This will be the second crypto-related ETF created by Cosmos after the launch of its Global Digital Miners Access ETF a year ago.
Over the past year, Australian officials have endeavored to establish precise laws for the cryptocurrency business. The Australian Securities and Investments Commission (ASIC) desires more control over the sector. Still, Senator Andrew Bragg believes this is unsuitable until Australian law recognizes cryptocurrencies as financial assets.
According to Grumelart, clarifying the rules would facilitate the sector’s growth.
As soon as the new ASIC legislation governing crypto assets is published, we anticipate increased clarity for local custodians and service providers, making this a viable option within the next year.