Bitcoin and Ethereum ETFs listed on the Toronto Stock Exchange will feed the new Australian exchange-traded funds
The new Australian exchange-traded funds by 3iQ Digital Asset Management
A further two cryptocurrency-backed exchange-traded funds (ETFs) have launched on the Cboe Australia exchange on June 7
Moreover, it brings the total amount of crypto ETFs available to Australian traders to six.
The Canada-based 3iQ Digital Asset Management (3iQ) launched two spot ETFs,
The 3iQ CoinShares Bitcoin (BTC) Feeder ETF
And the 3iQ CoinShares Ether (ETH) Feeder ETF.
Both of the Australian funds feed from the firm’s Canadian ETFs listed on the Toronto Stock Exchange (TSX),
Then the 3iQ CoinShares Bitcoin ETF,
And the 3iQ CoinShares Ether ETF.
The underlying assets of the Canadian ETFs are holdings of BTC and ETH
It held in cold storage by the Gemini crypto exchange.
Three ETFs, a Bitcoin and Ethereum ETF by 21Shares
And a Bitcoin ETF by Cosmos eventually opened to trading in early May
It becoming the first crypto ETFs in Australia.
Cosmos later released an Ethereum-backed fund on May 31.
A point of difference is that 3iQ boasts is having the lowest expense ratio out of the six,
At 1.2%, — 0.05% lower than the 21Shares
And Cosmos ETFs each with an expense ratio of 1.25%.
The three original funds by 21Shares and Cosmos had a sluggish
Start to trading only seeing $1.3 million in volume on the day of launch,
It is far from the estimated $1 billion of expected inflows.
Hence, the two 21Shares funds received a total of around $936,500 of total inflows,
Whilst Cosmos’ Bitcoin fund received just over $398,000.
Besides, according to data from Cboe at the time of writing,
The two 3iQ ETFs have seen a volume of 13,592
And 9,754 shares traded of the Bitcoin and Ethereum ETFs,
Accounting for around $73,415 and $73,605 respectively to a total of over $147,000
Obviously, it much smaller than its competitors.
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