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Cboe Australia exchange lists two crypto ETFs

bandera australian Australian
bandera australian Australian

Australia has shown a positive stance toward cryptocurrencies, and it has recently approved two new exchange-traded funds (ETFs). The two newly approved ETFs have increased the country’s crypto ETFs to six.

Australia approves two new crypto ETFs

The two spot ETFs have been listed on the Cboe Australia exchange. The ETF has been launched on Canada’s 3iQ Digital Asset Management. The ETFs are the 3iQ CoinShares Bitcoin Feeder ETF and the 3iQ CoinShares Ether Feeder ETF.

The two ETFs launched in Australia stem from the crypto ETFs listed in Canada trading on the Toronto Stock Exchange, known as the 3iQ CoinShares Bitcoin ETF and the 3iQ CoinShares Ether ETF. The underlying assets for the Canadian ETFs are Bitcoin and Ether held in the Gemini cold wallet.

These new ETFs will be joining the 21Shares and the Cosmos Asset Management ETFs, whose launch was delayed back in April. The delay was caused by a service provider that needed more time to support the product’s launch. Three 21Shares ETFs was later launched in early May, and they became the first cryptocurrency ETFs to be listed in Australia. The Cosmos Ether-backed fund was later released on May 31.

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The recently launched 3iQ ETFs will be slightly different from the other ETFs trading in the Australian market. The 3iQ ETF has the lowest expense ratio of 1.2% compared to all six ETFs. The 21Shares and Cosmos ETFs have an expense ratio of 1.25%.

Australia crypto ETFs record low volumes

The cryptocurrency market has been in recession since the beginning of the year. The declining prices have also affected the prices of products that rely upon cryptocurrencies. In October last year, the US Securities and Exchange Commission (SEC) approved the Bitcoin futures ETF that triggered massive gains, and the global crypto market cap reached a record-high of over $3 trillion.

The three initial funds launched by 21Shares and Cosmos recorded a slow start, and on the day of launch, only $1.3M in trading volumes was reported. This was significantly below the estimated $1 billion worth of inflows.

The Cboe data shows that the two newly approved 3IQ ETFs have recorded 13,592 and 9,754 shares worth of traded Bitcoin and Ether ETFs, respectively. The ETF trading volumes account for around $73,415 and $73,605, respectively. This was significantly lower than the other competing ETFs.

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