Two new spot crypto ETFs were launched on the Australian markets and both of them will feed on existing BTC and ETH ETFs listed on the Toronto Stock Exchange so let’s read more today in our latest cryptocurrency news.
Two new spot crypto-backed ETFs launched at the CBOE Australia exchange bringing the total amount of crypto ETFs available to the Australian traders to six. The Canada-based 3iQ digital asset management launched two spots ETFs the 3iQ Coinshares BTC feeder ETF and the 3iQ CoinShares Ether Feeder ETF. Both of the funds feed on the company’s Canadian ETFs listed on the Toronto Stock Exchange and the 3iQ Coinshares BTC ETF and the Coinshares ETher ETF with the underlying assets of the Canadian ETFs which are holdings of BTC and ETH held in cold storage by the Gemini exchange.
3iQ funds joined the BTC and ETH backed funds by 21Shares and Cosmos Asset Management with the latter seeing delays in April due to the still-unnamed service provider needing time to support the launch. The three ETFs and the one launched by Cosmos opened up trading in early May and become the first ETFs in Australia so Cosmos later released an ETH-backed fund on May 31. Much like the 3iQ funds, the underlying asset for the cosmos ETFs are direct investmetns into the Canadian Purpose BTC and ETH ETFs while the funds issued by 21Shares are backed by BTC and ETH reserves that are held in cold storage by Coinbase.
The point of difference is that 3iQ boasts the lowest expense ratio of the six at 1.2% or 0.05% lower than 21 shares and Cosmos ETFs with an expense ratio of 1.25%. The three original funds by 21Shares and cosmos had a sluggish start to trading and saw $1.3 million in volume on the day of the launch below the estimated $1 billion of the expected inflows and the 21 Shares funds recieved a total of around $936,000 of inflows while Cosmos’ BTC fund received over $398,000.
According to the data from CBOE at the time of writing, the two 3iQ ETFs which saw a volume of $13,592 and 9,754 shares traded on the BTC and ETH ETFs accounted for $73,415 and $73,605 respectively for a total of $147,000 smaller than the competitors.
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