Australia’s first Bitcoin ETF launched by Cosmos Asset Management will be listed next week on the CBOE equity trading exchange
Bitcoin ETF To Go Live On April 27
The ETF launch follows the agreement of three institutional-grade clearing participants and one retail clearing participant to provide the 42 percent margin demanded by ASX Clear.
The ETF will go public on April 27. It is also expected to bring in about $1 billion for the fund.
ASX’s chief risk officer, Hamish Treleaven, told the Australian Financial Review:
“We are now at our minimum number of clearing participants and that means we are good to go.”
As a result, on Wednesday, April 20, ASX Clear will send a seven-day regulatory approval notice to market participants. Brokers, clearers, clearing participants, market makers, and investors will have seven days to plan accordingly after receiving the notice.
The Cosmos bitcoin ETF is a fund of the fund as it invests in the Canada-listed Purpose Bitcoin ETF. The crypto fund manager Cosmos Capital had recently partnered with Purpose Investments to launch bitcoin ETFs in Australia. Cosmos partnered with Purpose Investments in February.
Furthermore, it is believed that Cosmos had its bitcoin ETF disclosure statement reviewed by the Australian Securities and Investments Commission (ASIC).
Australia’s Growing Crypto Adoption
Crypto adoption in Australia is rapidly increasing as institutional and retail investors begin to invest in cryptocurrencies. Several surveys show that the majority of Australians own cryptocurrencies and use them to make purchases in retail stores.
On The Run (OTR), a convenience store and gas station chain, recently announced that it will accept cryptocurrency payments.
Furthermore, the crypto landscape in Australia has improved as a result of the government’s introduction of friendly rules and regulations. It has enabled crypto exchanges like FTX to expand into Australia. The listing of the first Bitcoin ETF will now help to increase crypto adoption in the country.