The Australian electronics market has added 2 ETH.
Two more ETFs launched on the Cboe Australia exchange on June 7, bringing the total number of ETFs available to Australian traders to six.
Both Australian funds are funded by Canadian ETFs. Earlier, the Canadian ETF launched the 3iQ CoinShares Bitcoin ETF and the 3iQ CoinShares Ether ETF which is listed on the Toronto Stock Exchange (TSX). The Canadian ETF will hold BTC and ETH held in cold storage overseen by cryptocurrency exchange Gemini.
Earlier, three cryptocurrency ETFs including Cosmos Asset Management's Bitcoin ETF, Plus Bitcoin (BTC) and 21Shares' Ethereum (ETH) ETF were announced by Cboe Australia to postpone listings to "re-examine some of the requirements that meet the standard."
Finally, these three funds opened for trading in early May, becoming the first cryptocurrency ETF in Australia. Cosmos then released a fund backed by Ethereum on May 31.
Advantages of 3iQ ETF
Like the 3iQ fund, cosmos ETF's underlying assets are direct investments in Canadian ETFs and Bitcoin Purpose while funds issued by 21Shares are backed by Bitcoin and Ethereum reserves held by Coinbase in cold storage.
One difference of 3iQ is the lowest cost ratio of the six ETFs, at 1.2%, – 0.05% lower than the 21Shares and Cosmos ETF, each with a cost ratio of 1.25%.
The original three funds of 21Shares and Cosmos had a fairly slow start to trading when only reaching volume of $ 1.3 million on the launch day, much lower than the estimated $1 billion estimate of cash flow. The two 21Shares funds received a total amount of about $936,500, while Cosmos' Bitcoin fund received just over $398,000.
According to data from Cboe at the time of writing, the two 3iQ ETFs saw volumes of 13,592 and 9,754 shares traded by Bitcoin and Ethereum ETFs, accounting for about $73,415 and $73,605 respectively for a total of more than $147,000, much smaller than competitors.
