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First-Ever Bitcoin ETF to Go Live in Australia Next Week: Report

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While the US watchdogs continue to reject BTC spot ETF applications, Australia has reportedly taken the Canadian route and will list its first-ever exchange-traded fund on the Cboe equities trading platform as early as next week.

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  • The local report dated April 19 reads that Australia’s main equity capital market regulator – ASX Clear – has amassed four participants prepared to meet the stringent margin requirements needed to cover the settlement risks for BTC, known for its enhanced volatility.
  • Three of them come from an institutional standpoint, while the last is a “significant retail clearing participant willing to provide the 42% margin demanded by ASX Clear.”
  • The regulator’s chief risk officer – Hamish Treleaven – confirmed that the ASX now has “our minimum number of clearing participants, and that means we are good to go.”
  • The executive will notify the market participants tomorrow about the agency’s approval, which will give them a seven days notice to “prepare for the new product.”
  • Consequently, the Cosmos Asset Management bitcoin ETF will be able to start trading on the Cboe equities trading exchange on April 27.
  • According to the report, the Cosmos BTC ETF is a “fund of funds” as it invests in the Purpose Bitcoin ETF available for trading in Toronto, Canada. As reported last year, the Canadian authorities approved a few bitcoin ETFs, including the aforementioned one.
  • At the same time, the United States Securities and Exchange Commission keeps rejecting multiple applications per year and has only allowed two bitcoin futures ETFs to go live.
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