Australia Approves First Bitcoin ETF

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21Shares and Cosmos Asset Management will be launching the first two bitcoin (BTC) spot exchange-traded funds in Australia

With $2.5 billion in assets under management and 30 global exchange-traded products, 21Shares has partnered with ETF Securities to launch a BTC and an ether (ETH) ETF according to an official press release on Tuesday.

The ETFs will be the first of its kind in Australia to invest completely in the underlying assets.

The Cosmos Asset Management ETF will invest in the Purpose Bitcoin ETF, based in Toronto, opposed to the spot price of bitcoin.

The Cboe Exchange will be listing both funds starting on April 27 with prices tracked in Australian dollars.

Coinbase will act as the custodian with both ETFs holding bitcoin and ether in cold storage.

The new ETFs will give investors “a way of trading crypto in a tightly-regulated environment without having to maintain their wallet and manage risk,” according to Graham Tuckwell, executive chairman of ETF Securities Australia.

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