Australia debuts BTC and ETH ETFs

Australians are soon to follow in the footsteps of Canadians in obtaining direct access to bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs).

Switzerland-based NFT issuer 21Shares and the Australian asset management firm ETF Securities have announced the launch of two new ETFs on April 27.

The price of BTC and ETH will be tracked by the use of the 21Shares BTC and ETH ETFs and traded in Australian dollars on the Chicago Board Options Exchange (CBOE).

ETFs act as investments trading on a standard exchange similar to regular stock, with the ability to track the price of a single stock, a commodity or an asset. Or, they can track a whole variety of them at one time.

A BTC ETF gives buyers a chance to gain exposure to BTC's price without having to buy the currency first.

Retail investors are among those who are huge fans of ETFs; obtaining one is more cost-effective than buying a single stock and has investor protection features embedded in the instance of theft.

The ETF eliminates the need to set up accounts with cryptocurrency exchanges or make any crypto custody strategies.

In a recent press release, 21Shares CEO Hany Rashwan said: “Australian investors clearly want and deserve an affordable, easy, and professional way to access the growing crypto asset class”.

ETFs have been on the horizon for years and it isn't just retailers that want to grab a hold of one – globally, countries are catching onto the craze.

In February, Kookmin Bank the largest bank in South Korea launched its crypto ETF.

Now, Canada and Australia have beaten America to the punch. The US and its crypto-focused firms continue to wait for approval from the Securities and Exchange Commission.

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Written by Velma

Senior CGN journalist

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