BitcoinMarketsTechnology

Two Bitcoin ETFs Launch in Australia

736223

On May 12th, 2022 Australia finally launched a Bitcoin spot ETF along with a second Bitcoin ETF that invests in a Canadian spot Bitcoin ETF.

21Shares Bitcoin ETF (EBTC: AU) is the first Australian spot Bitcoin ETF offered in partnership with ETF securities. The fund directly invests in Bitcoin and stores it on Coinbase’s external wallet. The Cosmos Purpose Bitcoin Access ETF (CBTC: AU), is the second released Bitcoin ETF that invests in the Purpose Bitcoin ETF, the world's first spot Bitcoin ETF in North America. 

The two ETFs launched during a volatile time in the market. Bitcoin was continuing to look for a new line of support below $29,000 while the rest of the cryptocurrency market suffered losses as well. These new ETFs found a lower valuation from their original market value that was planned for April 27th.

“There are strong signs of capitulation in crypto this week, which often proceeds rebounds,” said Tony Sycamore, senior market analyst for City Index, to Bloomberg. Sycamore believes that if recovery gains traction, the newly listed ETF products will be supported alongside the continuation of widespread adoption.

The Purpose Bitcoin ETF in North America now holds around $1.16 billion in Bitcoin since its launch in 2021 with the Gemini custodian according to the press release sent to Bitcoin Magazine.

The CEO of Cboe Australia Vic Jokovic believes that bringing CBTC to the Australian market will make Bitcoin accessible to investors in a secure and recognizable package within legacy and traditional finance while underpinned by the first physically settled Bitcoin ETF on Earth.

author avatar image

written by

Top stories

Stay up to date with our latest news.