Bitcoin ETFs all set to roll out in Australia to test crypto demand

Bitcoin ETFs all set to roll out in Australia to test crypto demand

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Bloomberg

The Bitcoin exchange-traded fund (ETF) bandwagon is coming to Australia as regulators finalise approvals for products offering direct exposure to digital assets.

Cosmos Asset Management said it’s preparing to launch the Cosmos Purpose Bitcoin Access ETF in coming days. It will invest in the Purpose Bitcoin ETF, a Toronto-listed fund with

assets of about C$1.6 billion ($1.3 billion).

“We anticipate to launch the product next week” pending a final regulatory green light, Dan Annan, chief executive officer at Cosmos, said in an interview.

Meanwhile, 21Shares AG in partnership with ETF Securities expects Bitcoin and Ether funds to go live April 27, according to a statement. The tokens backing the products will be held in so-called cold storage by Coinbase Global Inc. The move is 21Shares’ first geographic expansion outside of Europe, said Hany Rashwan, CEO and co-founder.

Excitement around Bitcoin-linked ETFs reached a peak last year when the US allowed a futures-based fund, propelling the token to an all-time high. Some of that ardor has cooled along with Bitcoin’s price as the prospect of sharply tighter Federal Reserve monetary policy dims the allure of riskier investments.

At the same time, anecdotal