Australia to welcome its first spot crypto ETFs

Apr 25th, 2022 | By | Category: Alternatives / Multi-Asset

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21Shares, a Swiss issuer of digital asset ETPs, is teaming up with ETF Securities to launch Australia’s first ETFs providing exposure to the spot price performance of cryptocurrencies.

Australia to welcome its first spot crypto ETFs

The ETFs will be the first in Australia to deliver access to the spot price performance of crypto assets.

Listing on Australia’s Cboe Exchange on 27 April, the ETFS 21Shares Bitcoin ETF (EBTC) and ETFS 21Shares Ethereum ETF (EETH) will track the spot price of bitcoin and ether, respectively, in Australian dollars.

EBTC and EETH will offer both institutional and retail investors easy access to bitcoin and ether through liquid, regulated vehicles without the technical challenges of setting up private keys or crypto wallets.

They will use full direct, ‘physical’ replication with each ETP share being 100% collateralized by a corresponding investment in bitcoin or ether which is stored using institutional-grade cold-storage custody solutions.

The ETFs’ management fees have not yet been made available.

Hany Rashwan, CEO and co-founder of 21Shares, said: “We’re so incredibly excited to be able to offer the first direct exposure bitcoin and ethereum ETFs in Australia. Australian investors clearly want and deserve an affordable, easy, and professional way to access the growing crypto asset class, and we’re delighted to continue building accessible bridges into the crypto world. We’re starting with bitcoin and ethereum but have even more exciting plans for Australian investors”.

Australia will be joining a small contingent of countries that have approved the introduction of spot crypto ETFs, alongside Canada and Brazil. The US has, thus far, only allowed crypto ETFs that gain their exposure by way of futures contracts, while, in Europe, spot crypto products are permitted only within the ETP wrapper and marketed for institutional investors.

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