Australia Welcomes First Bitcoin ETF With $1B Projected Inflows

First Bitcoin ETF

Australia’s first bitcoin exchange-traded fund will list on CBOE next week with $1 billion expected inflows at launch amid increasing crypto demand in the country.

ASX Clear clearinghouse will approve the ETF as the first in the country after compliance with the provided requirements.

Three institutional-level clearing participants and a retail clearing firm are preparing to meet the 42% margin required by ASX Clear before commencing the ETF trading.

The Cosmos Asset Management Bitcoin ETF will start trading on the equities platform on April 27, when the market opens. Clearers, brokers, clearing participants, and market makers have been given seven days to prepare for the debut.

The Australian Securities and Investments Commission announced two years ago that a listed retail bitcoin product in Australia was prohibited.

The delay in accepting ASX Clear’s application for trading a Bitcoin ETF was reportedly to preserve the ASX trading venue from rivals.

Source: Financial Review 

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