Two other cryptocurrency-backed exchange funds (ETFs) was launched on the Cboe Australia exchange on June 7 bringing the total number of crypto ETFs available to Australian traders to six.
Both Australian funds feed from the Canadian ETF firm which is listed on the Toronto Stock Exchange (TSX), 3iQ CoinShares Bitcoin ETF, and 3iQ CoinShares Ether ETF. The underlying assets of the Canadian ETF are the ownership of BTC and ETH held in cold storage by the Gemini crypto exchange.
3iQs funds join Bitcoin and Ethereum -backed funds by 21Shares and Cosmos Asset Management recently saw the late launch in April because an unnamed service provider needed time to support the launch.
Three ETFs, Bitcoin and Ethereum ETF by 21Shares and Bitcoin ETF by Cosmos eventually opened for trade in early May became the first crypto ETF in Australia. Cosmos then released the Ethereum -backed fund on May 31st.
Like the 3iQ fund, the underlying asset for the Cosmos ETF is a direct investment into it Canadian Destination Bitcoin and Ethereum ETFs while the funds issued by 21Shares are backed by Bitcoin and Ethereum reserves held in cold storage by Coinbase.
The point of difference is that 3iQ boasts of having the lowest cost ratio of the six, at 1.2%, – 0.05%lower than 21Shares and Cosmos ETFs each with an expense ratio of 1.25%.
The three original funds by 21Shares and Cosmos began trading slowly only see $ 1.3 million in volume on the day of launch, far from estimates $ 1 billion of expected inflows. Two 21Shares funds received a total of approximately $ 936,500 of total inflows, while Bitcoin Cosmos funds received more than $ 398,000.
According to data from Cboe at the time of writing, the two 3iQ ETFs have seen volumes of 13,592 and 9,754 shares traded from the Bitcoin and Ethereum ETFs, estimated at $ 73,415 and $ 73,605 for a total of more than $ 147,000, smaller than $ 147,000. rivals.