Launch of Australia’s First Bitcoin ETF Gets Postponed

AnalysisLaunch of Australia's First Bitcoin ETF Gets Postponed



Alex Dovbnya

Cosmos Asset Management’s Bitcoin ETF was scheduled to start trading on the Cboe stock trading platform

The launch of Australia’s first Bitcoin exchange-traded fund (ETF) has been delayed, according to a report by the Australian Financial Review.

As reported by U.Today, April 27 was supposed to be a historic day for Australia’s financial markets because of the Bitcoin ETF debut. Cosmos Asset Management’s Bitcoin ETF was supposed to go live at 10:30 a.m. local time after obtaining approval from the Australia Securities Exchange (ASX).

The product was expected to attract more than $1 billion worth of inflows, replicating the success of Bitcoin ETF debuts in other countries.

However, the much-anticipated launch of the ETF has now been postponed indefinitely.

 Cboe Australia claims that “standard checks” are still being completed. An unnamed third-party broker is reportedly stalling the listing.

It is worth noting that Cosmos’s yet-to-be-launched ETF does not offer direct exposure to Bitcoin. Instead, it opted to track the shares of Canada’s Purpose Bitcoin ETF, a decision that reportedly allowed it to race ahead of competitors.

Cosmos, which was founded by cryptocurrency miner Mawson Infrastructure Group, already has existing products. Last year, it issued the Cosmos Global Digital Miners Access ETF.

Other fund managers, who have been working on competing products, will also have to face temporary delays.

As reported by U.Today, Australia recently made major steps toward regulating the cryptocurrency industry. Last week, the Australian Prudential Regulation Authority (APRA) unveiled its policy roadmap for crypto assets.

There are already spot cryptocurrency ETFs in Canada and Brazil. European investors can also invest in a slew of crypto-backed exchange-traded products (ETPs). The U.S. approved futures-based Bitcoin ETFs in late 2021.



Learn more

Latest news

2 “Strong Buy” Small Cap Stocks That Can Rip Higher in 2023

Considering his status, only a brave financial prognosticator would tell investors to ignore some advice from Warren Buffet....

Will The Dark Warehouse Ever Become Reality? Perhaps Not In Our Lifetime

Steve Shaheen, CEO and founder, DTG. If you’ve ever visited an Amazon distribution center, you might think it’s like...

clues someone is reading your text messages

Just about every connected device you have can be used to spy on you, and this isn’t limited...

Venom Ventures Partners with Everscale, Announces $5 Million Strategic Investment

Vladislav Sopov Venom Ventures, first-ever blockchain-focused VC fund in Abu Dhabi, shares details of its strategic collaboration with Everscale Contents Venom...

US home price inflation slows further in November

US single-family home price growth cooled further in November, surveys showed on Tuesday, which together with declining mortgage rates could...

Toyota to Experiment With Blockchain Use Cases by Sponsoring Astar Network's Hackathon

The auto giant may use technology developed from the hackathon for its internal use. Learn more

Must read

2 “Strong Buy” Small Cap Stocks That Can Rip Higher in 2023

Considering his status, only a brave financial prognosticator...

Will The Dark Warehouse Ever Become Reality? Perhaps Not In Our Lifetime

Steve Shaheen, CEO and founder, DTG. If you’ve ever...

clues someone is reading your text messages

Just about every connected device you have can...

You might also likeRELATED
Recommended to you