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The listing of Australia’s first Bitcoin (BTC) exchange-traded fund (ETF) on the Cboe equities trading platform will take place next week, serving as the country’s first major test of widespread customer demand for cryptocurrency.
After a sufficient number of market players agreed to stringent margin restrictions, the clearing house that controls access to the country’s equities capital markets will grant the green light for the country’s first Bitcoin ETF, according to a report by the Australian news outlet AFR.
ASX Clear, a powerful clearing house at the heart of Australia’s equity capital markets, now has four market participants willing to put their money where their mouth is and meet the stringent margin requirements required to cover the settlement risks associated with Bitcoin.
After a sufficient number of market players agreed to stringent margin restrictions, the clearing house that controls access to the country’s equities capital markets will grant the green light for the country’s first Bitcoin ETF, according to a report by the Australian news outlet AFR.
ASX Clear, a powerful clearing house at the heart of Australia’s equity capital markets, now has four market participants willing to put their money where their mouth is and meet the stringent margin requirements required to cover the settlement risks associated with Bitcoin.
Cosmos is an obscure money manager in Australia, running a few tiny funds. They got the authorisation to run a potentially disruptive Spot bitcoin funds. Apparently, this didn't scare Australian regulators.
According to this Bitcoin Magazine article, the fund itself it is only a "wrapping" of Canada's puropuse Bitcoin ETF.
FIRST BITCOIN ETF ON AUSTRALIA’S ASX TO LIST NEXT WEEK: REPORT
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Cosmos Asset Management’s product would invest in Canada’s Purpose Bitcoin ETF, North America’s first bitcoin spot ETF that went live last year.
Wow, this is going to be another BITO's Like Frankenstein monstrosity: Cosmos ETF is going to buy Purpouse Shares, repack them for Australian Investors, and sell on local markets, pocketing up a fee, presumedly. So, once again, an inferior investment when compared to the original.
I will update this OP as soon as more information flows.
Eric Balchunas beautifully puts it as follows:
In the meantime, the SEC is protecting US investors by delaying a spot ETF approval beyond even possible, forcing US persons to invest in defective products like the monstrous bit, exposing them to the inferior regulatory, economic, and logical framework.