The Swiss investment producer, 21Shares along with ETF Securities is set to launch Bitcoin and Ethereum Spot exchange-traded funds (ETFs) in Australia. The ETFs are named ETFS 21Shares Bitcoin ETF (EBTC) and ETFS 21Shares Ethereum ETF (EETH), as per reports.
The product will provide customers with direct access to cryptocurrencies and will track the performance of BTC, and ETH. Both the ETFs will go live on April 27.
Both funds will be listed on the Cboe Exchange starting on April 27 with prices being tracked against the Australian dollar.
These products would be the first of its kind in Australia to invest directly in the underlying assets. The ETFs will hold bitcoin and ether in cold storage, with Coinbase, being the custodian.
Graham Tuckwell, executive chairman of ETF Securities Australia said that both the products give investors a way of trading crypto in a strict environment with no need to maintain their wallet and manage risk.
It is interesting that the American SEC continues to reject 21Shares Bitcoin spot ETF requests, while, on the other hand, these products have found legalization in other countries. Last year, the Canadian regulators had approved the world’s first BTC ETF for individual investors. Even so, a recent Nasdaq survey found that financial advisors with crypto investments support spot crypto ETF.
