ETFS to launch BTC and ETH ETFs
ETF Securities (ETFS) will launch Bitcoin (BTC) and Ethereum (ETH) exchange traded funds (ETFs) in partnership with European cryptocurrency manager, 21 Shares.
The fund manager said BTC and ETH had been two of the best-performing assets of the past decade.
“Offering a currency without a government, Bitcoin has been described as both an inflation-hedge and ‘digital gold’,” the firm said.
“While Ethereum, thanks to its smart contracts function, is at the centre of most of the world’s blockchain innovation— like non-fungible tokens (NFTs).”
“Australians wanting to buy Bitcoin and Ethereum have historically been forced onto unregulated crypto exchanges.
“But with the launch of Bitcoin and Ethereum ETFs, investors will be able to trade on highly regulated exchanges.”
Zurich-based 21Shares currently had almost US$3 billion ($4.23 billion) in assets under management inside its 20 European crypto exchange traded products (ETPs) and 80 listings.
This was the latest ETF provider to announce plans for a crypto ETF following announcements by VanEck and BetaShares in November.
In November, the Australian Securities and Investments Commission (ASIC) introduced a ‘crypto-asset’ category in the licensing application for responsible entities but so far only extended to Bitcoin and Ethereum with the possibility of more in the future.
Praemium had already approved Monochrome’s Bitcoin Fund, following ASIC’s announcement.
However, some managers had noted there could be problems bringing crypto products to the market.
AUTHOR
Chris Dastoor
Recommended for you
Selfwealth has provided an update on the status of its scheme implementation deed with Bell Financial Group as well as whether rival bidder Svava remains in the picture.
Magellan Financial Group has reported its first half FY25 results while appointing a new chief financial officer and promoting Sophia Rahmani to chief executive.
Schroders Australia has launched two active ETFs and plans to further expand its listed range over the year ahead.
Platform Netwealth has reported its financial results for the first half of FY25, reporting an 80 per cent increase in net flows, with its CEO viewing a “huge opportunity” from private assets.
