Australia’s first spot cryptocurrency exchange-traded funds (ETFs) have started trading on May 12 with the low trading volume amidst a market crash in digital tokens.
The 21Shares ETFs and Cosmos Purpose Bitcoin Access ETF were introduced on Cboe Global Markets’s local exchange after a much delayed drop.
The 21Shares Bitcoin ETF (EBTC) and the ETFS 21Shares Ethereum ETF (EETH) booked trading volumes of $656,000 and $415,000, respectively. The Cosmos Asset Management ETF saw $250,000 in trading volume across the first hour.
21Shares announced the debut of Bitcoin and Ethereum spot ETFs in April. The ETFs will hold bitcoin and ether in cold storage. It was supposed to go live on April 27. However, it got delayed.
21Shares was almost out of the ETF race to be the first ETF in Australia as 3iQ tries to headline the race after pouncing on the opportunity of 21Shares delay.
The 21Shares ETFs portfolios will invest directly in virtual coins, while the Cosmos medium will invest in the Purpose Bitcoin ETF which is a Toronto-listed fund with assets of approximately C$1.4billion (S$1.5 billion).
