With the crypto markets in a blood bath, three crypto-focused exchange-traded funds (ETFs) are struggling for traction to commence trading on local exchange Cboe Australia today.
The trio’s launch marks the first crypto ETFs to go live in Australia.
Two of them are focused on offering exposure to Bitcoin (BTC) and the other focused on Ethereum (ETH).
So far the three ETFs have generated more than $1.3 million between them, and it has been estimated that they could see around $1 billion worth of inflows moving forward.
The Cosmos Purpose Bitcoin Access ETF (CBTC) from Sydney-based crypto investment firm Cosmos Asset Management offers a relatively indirect route to BTC.
The other two ETFs were developed by ETF Securities in partnership with major Switzerland-based exchange-traded products (ETP) provider 21 Shares.
The funds are called the Bitcoin ETF (“EBTC”) Ethereum ETF (“EETH”). They both track the Australian dollar (AUD) value of their respective assets.
According to Cboe data at the time of writing, 21 Shares EBTC and EETH have seen 125,271 and 142,206 shares trade hands, which accounts for roughly $519,874 and $416,663 in volume respectively.
In a public announcement, ETF Securities Chairman Graham Tuckwell also emphasized the significance of launching crypto ETFs in a local context given the stature of BTC and ETH.