Australia’s first three crypto ETFs: ‘further checks’ needed

The launch of Australia's first crypto exchange-traded funds has been delayed

Crypto exchange-traded funds                                 
The three funds were due to start trading on Cboe today – Photo: Shutterstock

Three of Australia first crypto exchange-traded funds (ETFs), which were scheduled to launch today, have been delayed due to “further checks” needing to be completed.

The funds were due to be launched via Cboe Australia. The exchange confirmed the delay on Tuesday, stating that “standard checks prior to the commencement of trading are still being completed,” with the scheduled launch not available to go ahead on Wednesday.  

“A further update will be provided in the coming days,” the announcement said.

21Shares partnership with ETF Securities

As part of the launch, 21Shares AG, a Swiss-based issuer of crypto exchange products led by Hany Rashwan and Ophelia Snyder, was scheduled to launch its Bitcoin and Ether ETFs, both of which have also been delayed.

21Shares announced the launch of the two initial funds earlier this month, in partnership with ETF Securities, which will provide cost-effective and direct access to cryptocurrency investments. 

As it stands, 21Shares is one of the world’s largest issuers of crypto ETPs (exchange-traded products), with over $2.5bn in assets under management (AUM). The firm’s current valuation stands at around $700m as it offers more than 130 listings with more than 30 products. Its products are listed on 10 regulated European and Swiss trading exchanges.

The move by 21Shares and ETF Securities will make it the first Australian ETF to invest directly in bitcoin. Both funds were also set to go live on Wednesday.

Hany Rashwan, CEO and co-founder of 21Shares, said at the time of the announcement: “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,” said Rashwan.

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