Canadian company, 3iQ Digital Asset Management can maybe make history by registering Australia’s first cryptocurrency exchange traded fund (ETF). This happened after it swooped on a technical delay which was holding up rival investment houses and put in an application to launch two ETFs to the local sharemarket.
This delay gave an opportunity to 3iQ to push ahead of its competitors and the firm jumped on it by submitting disclosure documents with the Australian Securities and Investments Commission.
The documents revealed the firm’s plan to introduce the 3iQ CoinShares Bitcoin Feeder ETF and 3iQ CoinShares Ether Feeder ETF on the Cboe Australian exchange.
The ETFs will give out exposure to Bitcoin and Ether by buying units in two 3iQ’s existing ETFs, which are listed on the Toronto Stock Exchange and co-managed by London-based CoinShares. The funds will be traded under the ticker codes BT3Q (Bitcoin) and ET3Q (Ether) individually.
Local issuers ETF Securities and Cosmos Asset Management were expecting their pending ETFs to commence trading from April 27, but were unable to launch as Cboe told the market that “standard checks” were yet in motion.
It is speculated that the 3iQ funds would probably list at the same time as the pending Cosmos ETF, given their matching structure.
Bitcoin ETFs are gaining attention as the popularity of cryptocurrency is increasing throughout the world. As previously reported, 21shares was all set to launch Bitcoin and Ether Spot ETFs in Australia, however that changed last minute due to the delay from the authorities.
