Bitcoin Spot ETF listing exchange from Cosmos Asset Management, Cboe in Australia, made an announcement on Tuesday that "standardized tests before the start of trading are still being finalized" and that "detailed updates will be given in the coming days."
Cboe also made similar announcements for two ETFs issued by 21Shares, a Bitcoin ETF and an Ether ETF, which are scheduled to launch on the same day,
why these ETFs are delayed is unclear but the Australian Financial Review reports that the "downstream service provider" – an agency such as the main broker or a large institution with the possibility of delay listing until ready to assist in trading the products – which could be the cause of the postponement.
Cosmos ETF's base assets are a direct investment in Canada's Purpose Bitcoin ETF, North America's first Bitcoin exchange-traded fund. Funds issued by 21Shares are backed by Bitcoin and Ether reserves held by Coinbase in cold storage.
date to Toby Chapple, Head of Trading at Australian asset management firm Zerocap, said the delay was "not a big deal." As for Cosmos' Bitcoin ETF, he stated, "You'd think that one ETF that invests in another ETF would be easier to manage, but the broker would want to double-check before launching."
Cici Lu, Managing Partner at cryptocurrency investment and asset management firm Apollo Capital, also stated that this is only a negligible obstacle in the long journey of these funds: "While this is not a good start for ETFs, it will also be only a small obstacle in the major success of the cryptocurrency industry at Australia."
He added, "The traditional financial sector is trying to adjust to a new asset class, which is a journey that both cryptocurrencies and TradFi are engaged in."
Cosmos Asset Management's "Cosmos Purpose Bitcoin Access ETF" was approved by the Australian Securities Exchange (ASX) on April 19 to start trading after a seven-day notice period and is expected to attract about $1 billion after its launch.
Two ETFs issued by 21Shares were also approved at the same time, giving all three funds the same launch date.
21Shares is no stranger to delaying their cryptocurrency ETFs. Also in April 2022, the U.S. Securities and Exchange Commission (SEC) also rejected the Bitcoin ETF that was expected to list on the U.S. Cboe BZX Exchange, arguing that the exchange did not meet the requirements of a financial product to be listed.
