According to the Australian Financial Review, the launch of Australia’s first Bitcoin exchange-traded fund (ETF) has been postponed.
The launch of the Bitcoin ETF on April 27 was intended to be a defining moment for Australia’s financial markets. After receiving permission from the Australia Securities Exchange, Cosmos Asset Management’s Bitcoin ETF was due to go live at 10:30 a.m. local time.
The product was projected to generate more than $1 billion in inflows, mirroring the success of other nations’ Bitcoin ETF launches.
The much-anticipated launch of the ETF, however, has now been postponed indefinitely.
According to Cboe Australia, “standard checks” are still being carried out. According to reports, an unknown third-party broker is preventing the listing from going live.
It should be noted that Cosmos’s yet-to-be-launched ETF does not provide direct exposure to Bitcoin. Instead, it chose to monitor the shares of Canada’s Purpose Bitcoin ETF, which apparently enabled it to outperform rivals.
Cosmos, created by cryptocurrency miner Mawson Infrastructure Group, already has items on the market. It launched the Cosmos Global Digital Miners Access ETF last year.
Other fund managers who have been working on competitive products will experience short delays as well.
Australia has made significant moves to regulate the bitcoin business. The Australian Prudential Regulation Authority (APRA) released its policy roadmap for crypto assets last week.
Spot cryptocurrency ETFs are currently available in Canada and Brazil. Europeans may now invest in a variety of crypto-backed exchange-traded funds (ETPs). In late 2021, the United States authorised futures-based Bitcoin ETFs.
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