• +5.26%
    24 hour price
  • Live Bitcoin price
Cosmos crypto

Three cryptocurrency ETF Australia funds set to debut on the Cboe Australia exchange have been postponed due to ongoing "checks." The scheduled launch of Australia's first 3 crypto ETF funds on Wednesday has been postponed due to additional "checks."

A 21Shares representative told Cointelegraph that "the infrastructure is being built from the ground up" and that "a downstream service provider needs more time to support the launch," but did not specify which provider.

It's thought that a party with the power to delay listings until it's ready to support the trade of the products, such as a prime broker or major institution, is to blame; according to 21Shares "The problem affects all fund managers in the same way and has caught everyone off guard. The service provider is working to resolve this as soon as possible."

Cboe Australia and Cosmos were contacted for more information about the delays but did not receive a response right away.

The Cosmos ETF crypto's underlying asset is a direct investment in the Canadian Purpose Bitcoin ETF, the first Bitcoin ETF crypto in North America. The funds issued by 21Shares are backed by Coinbase's Bitcoin and Ether reserves, kept in cold storage.

According to Toby Chapple, the delay was "not a big deal," head of trading at Australian wealth management firm Zerocap. "You would think a crypto ETF that invests in another ETF would be easier to handle," he said, referring to the Cosmos Bitcoin ETF. "But the broker will just ensure they have all their ducks lined up before they go live."

The Australian Securities Exchange (ASX) approved Cosmos Asset Management's "Cosmos Purpose Bitcoin Access ETF" on April 19 to begin trading after a seven-day notice period, and it was expected to attract around $1 billion after its launch.

The approval of crypto ETF Australia 2022 came around the same time, giving all three funds the same launch date. With its crypto ETF products, 21Shares is no stranger to hold-ups. A Bitcoin ETF for the Cboe BZX Exchange in the United States had previously been rejected because the exchange did not meet the requirements for listing a financial product.


Add a comment

Get Started Today With Bitcoin

Open account for free and start trading Bitcoins!

Register Now