21Shares and ETF Securities launch BTC and ETH ETFs in Australia
The funds will track the price of BTC and ETH to the Australian dollar
Switzerland-based issuer of crypto Exchange Traded Products (ETPs), 21Shares and ETF Securities have launched two crypto Exchange-Traded Funds (ETFs) in Australia that directly invest in bitcoin (BTC) and ethereum (ETH), the first of their kind.
The ETFS 21Shares Bitcoin ETF and ETFS 21Shares Ethereum ETF will go live on 21 April with the two funds aiming “to offer simple, cost-effective and direct access to cryptocurrency investments”.
Both funds will be listed on the Chicago Board Options Exchange (CBOE). The BTC fund’s ticker will be EBTC and the ETHs will be EETH.
The funds will track the price of BTC and ETH to the Australian dollar.
Including their mothers
Hany Rashwan and Ophelia Snyder founded 21Shares in 2018 and did so with the aim of making “crypto safe and accessible for all investors, including for their mothers”.
Rashwan, CEO and co-founder of 21Shares, said: “We’re so incredibly excited to be able to offer the first direct exposure Bitcoin and Ethereum ETF in Australia.
“Australian investors clearly want and deserve an affordable, easy, and professional way to access the growing crypto asset class and we’re delighted to continue building accessible bridges into the crypto world. We’re starting with Bitcoin and Ethereum but have even more exciting plans for Australian investors.”
Way of trading crypto in a regulated environment
Graham Tuckwell, executive chair of ETF Securities Australia, stated that the EBTC and the EETH give investors a way of trading crypto in “a tightly regulated environment”.
The crypto ETFs also mean people can invest in cryptos without establishing their own BTC and ETH wallets.
Tuckwell said: “Once we decided to build a range of crypto ETFs for the Australian market, there was only one partner we wanted to work with, and that’s 21Shares. Its pioneering approach to secure investment in cryptocurrency has been emulated by other fund managers around the world.”
‘Bitcoin remains the king’
Mikkel Mørch, executive director at digital asset hedge fund ARK36, said: “What the launch of the first bitcoin ETF in Australia underscores is that bitcoin remains the king of the crypto space and an important gateway to the world of digital assets for traditional finance. It is the only digital asset that is deemed mature enough for such purposes. Granted, crypto has experienced tremendous growth and its value proposition has already moved far beyond just bitcoin.
“However, while innovations such as non-fungible tokens (NFTs), Decentralised finance (DeFi), or the metaverse are bringing the crypto space to ever-wider audiences, bitcoin is still doing the bulk of the heavy lifting when it comes to the adoption of crypto by mainstream financial institutions and investors.”