Australia’s First Bitcoin ETF To List Next Week: Report


  • Australia’s first bitcoin ETF on the ASX is reportedly set to list next week.
  • Cosmos Asset Management’s product would invest in Canada’s Purpose Bitcoin ETF, North America’s first bitcoin spot ETF that went live last year.
  • The approval is set to come on Wednesday as participants agree on a strict 42% margin requirement for the offering.

The first bitcoin exchange-traded fund (ETF) on Australia’s main market, the Australian Securities Exchange (ASX), is set to list next week as the country’s major equity markets clearing house gives participants the green light, reported the Australian Financial Review.

Cosmos Asset Management could launch its bitcoin ETF as early as April 27, according to the report. However, contrary to what has become the norm in similar offerings around the world, Australia’s first bitcoin ETF would not invest in BTC directly, but rather in shares of Purpose Investment’s bitcoin ETF – North America’s first bitcoin spot ETF that began trading in early 2021. Cosmos partnered with Purpose Investments in February.

“ASX Clear, the powerful clearing house at the center of Australia’s equity capital markets, now has four market participants willing to stump up the tough margin requirements needed to cover the settlement risks for this highly volatile asset,” per the report.

Source link Bitcoin Magazine


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