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Australia Launches First Bitcoin ETF

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The Cosmos Asset Management’s Bitcoin ETF will be listed next week on the Cboe trading platform in Australia and is the first Bitcoin ETF available in Australia. The Bitcoin ETF will invest in Canada’s Purpose Bitcoin ETF that went live last year. In order for the ETF to be launched, four market participants will need to cover initial margin requirements of 42% and according to ASX Clear, the clearing house at the center of Australian capital markets, has confirmed it. Despite other ETF products being offered globally, this ETF will not hold any actual bitcoin, instead it will hold other ETFs that hold Bitcoin as an asset. 

Cosmos is owned by the Bitcoin miner Mawson Infrastructure Group and it first got into the Bitcoin space when it invested in Bitcoin mining firms through the Global Digital Miners Access ETF. 

Australia has lined out a path to start accepting Bitcoin and other cryptocurrencies. Members of the Australian government have exclaimed Russia’s invasion of the Ukraine has put emphasis on reform surrounding Bitcoin and digital assets. Recently, Senator Andrew Bragg said that he will be working closely with the Treasurer to implement changes in policy surrounding Bitcoin and digital assets. The Treasurer called these changes the “most significant reforms to [Australia’s] payments system in 25 years.”

With this reform and Bengal energy investing in Bitcoin mining using flair gas from Australian oil rigs, Australia seems poised to continue with Bitcoin adoption going forward.
 

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Brandon is a data analyst who enjoys writing about bitcoin and finance. He is the co-founder of Green Candle Investments, a bitcoin and finance media company.

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