The three new ETFs under-performed bullish market expectations amid a global sell-off in the underlying prices of bitcoin and ether, the AFR said.
Australia’s first cryptocurrency exchange-traded funds met a muted reception in their debut on Thursday as global crypto markets were being battered by the collapse of two digital tokens.
Securities and derivatives exchange Cboe Australia introduced the ETFS 21Shares Bitcoin ETF and the ETFS 21Shares Ethereum ETF, the first exchange traded funds to offer Australian investors direct, regulated exposure to the world’s biggest digital tokens by market capitalization, Bitcoin and Ethereum, it said in a statement.
Cboe Australia CEO Vic Jokovic said: “We’re pleased to partner with ETF Securities to bring the first crypto ETFs to market in Australia.” He added that they were “breakthrough products that will pave the way for more Australians to expose their portfolios to cryptocurrency in a regulated manner.” Still, the historic debut came amid the collapse of the algorithmic stablecoin UST and its related Terra-based asset, Luna.
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