At the time of writing, Cboe had not released any market circulars regarding 3iQ or the pending feeder funds into its Toronto-listed bitcoin and ethereum ETFs. 3iQ was approached for comment.
In a statement to The Australian Financial Review, ETF Securities claimed it had “won the race to launch Australia’s first bitcoin and ether ETFs, ending a multi-year contest among ETF providers”.
The claim was based on its interpretation that the pending Cosmos and 3iQ did not count because they are effectively feeder funds into offshore ETFs listed in foreign markets.
By contrast, ETF Securities has established an Australian sub-fund which directly holds and can be redeemed for bitcoin and ether (the token linked to the ethereum blockchain). The fund will be co-managed by Switzerland-based 21Shares.
“The launch – the first of its kind in Asia – is a major step in the mainstreaming of cryptocurrency ownership,” the ETF Securities statement said.
“By bringing cryptocurrency into an ETF, investors can trade and own it in a tightly regulated environment with government oversight.”
But Cosmos chief executive Dan Annan also claimed victory, telling the Financial Review: “Cosmos Asset Management is pleased that exchange Cboe has announced that trading for Australia’s first bitcoin spot ETF will begin Thursday. We are excited to be able to bring this much-anticipated bitcoin ETF to the Australian market.”
Mr Annan said Cosmos, which is owned by bitcoin miner Mawson Infrastructure Group, was proud to partner with Purpose Investments, the manager of the Toronto-listed Purpose Bitcoin ETF, which he described as the “most proven bitcoin ETF in the world”.
