Australia’s first Bitcoin ETF could raise more than $1 billion. Spot trading will be available to investors on April 27.
ETF refers to an Exchange Traded Fund that allows you to invest in a stock index consisting of multiple companies in a particular industry. According to the Australian Financial Review, financial regulators have approved ASX Clear to launch the first Bitcoin ETF and begin trading on April 27.
This ETF will allow investors to profit from Bitcoin’s value without having to own the coins directly. The first approved fund to offer a Bitcoin ETF is Cosmos Asset Management, whose shares will be on the CBOE Australia exchange.
The ASX Clearing House has been waiting about five months for approval to launch an ETF because it needed to get enough brokerage firms to agree to serious margin requirements for trading, a recent article in the Financial Review said.
Three crypto ETFs are expected to begin trading on April 27 after final regulatory approval. ETF Securities has requested a listing of two funds, for BTC and ETH, while Cosmos has applied to list only one fund, which buys a share of the Toronto-based Purpose Bitcoin ETF.
ASX’s sources say that BetaShares, VanEck Australia and Monochrome Asset Management have also applied to list BTC and ETH but have not yet received approval to trade by April 27.
As observed earlier, the launch of the Bitcoin ETF in the United States had a positive effect on the Bitcoin price. More details in this article.
