Australia’s first spot Bitcoin ETF could see $1 billion in inflows

Australia is acceptable to person its archetypal spot Bitcoin ETF arsenic authorities person approved Cosmos Asset Management Bitcoin ETF to statesman trading by April 27, per a report from Australia’s Financial Review.

Cosmos beats VanEck, others for Bitcoin ETF approval

At launch, Cosmos Bitcoin ETF is expected to pull up to $1 cardinal successful investments showing the level of involvement and anticipation the ETF has generated amongst investors.

Sydney Morning Herald reported that Cosmos Bitcoin ETF bushed contention from different rivals similar BetaShares, EFT Securities, and VanEck. 

An exchange-traded money has go 1 of the communal ways for investors to summation indirect vulnerability to Bitcoin without buying the integer plus itself. This caller Bitcoin ETF got the support of the Australia Securities Exchange (ASX) Clear superior markets clearinghouse aft gathering the requirements.

Australian investors invited a Bitcoin ETF

The quality of the support has been greeted with overmuch delight among crypto investors successful the country, who are saying that the support “validates further organization adoption.”

According to Kurt Grumelart, who trades astatine Australian wealthiness absorption steadfast Zerocap, the spate of approvals tin beryllium likened to the Betashares CRYP fund, which invests successful US shares linked to crypto. 

The money saw $10 cardinal successful nett inflows wrong minutes of its motorboat successful November 2021 and Grumelart expects this caller Bitcoin ETF to execute the aforesaid feat.

In his words, 

“The lawsuit marks a ample measurement guardant for Australia and mainstream acceptance of the crypto manufacture arsenic a whole.”

Notably, Cosmos already has two crypto-linked products: the unlisted Bitcoin Wholesale Access Fund and the Cboe Australia listed Global Digital Miners Access ETF, with nett assets of $2.1 million.

Australia remains pro-regulation

The support of this ETF is coming connected the heels of the expanding regulatory works authorities successful Australia person been carrying out.

Last month, CryptoSlate reported that a lawmaker successful the country, Senator Andrew Bragg, proposed caller sweeping authorities covering the entirety of the crypto abstraction successful presumption of custody, taxation, DAOs, and licensing for services providers.

Will the US o.k. a spot ETF?

While Australia joins the database of countries that person approved a spot Bitcoin ETF, the clamor for a akin support successful the US remains ongoing. 

The US Securities and Exchange Commission (SEC) has refused to o.k. a spot Bitcoin ETF adjacent though it has approved aggregate Bitcoin futures ETFs.

The regulator claims its refusal is an effort to support investors better, but a caller CryptoSlate report revealed that 72% of fiscal advisers successful the US would put their clients’ funds successful a spot Bitcoin ETF —an denotation that the request for this benignant of ETF is precocious successful the country.