The First Bitcoin ETF Got Approved in Australia

by in Cryptocurrency News

Australia Bitcoin ETF

The first Bitcoin Exchange Traded Fund (ETF) is expected to launch on the main market of the country, the Australian Securities Exchange (ASX) next week.

Related: Grayscale Bitcoin ETF Receives Public Support

According to the Australian Financial Review, the major equity markets clearing house ASX Clear will announce the launch of the product when market participants agree to the requirements.

The report mentions that $1 billion may flow into Australia's first Bitcoin ETF. Currently, there are 3 institutional clearing participants and one significant retail clearing participant willing to provide the 42% margin required by ASX Clear before allowing trading in a bitcoin ETF.

The chief risk officer at ASX, Hamish Treleaven said that the exchange is at the minimum number of clearing participants, which means "they are good to go."

After the seven-day notice period for market makers and investors to prepare for the product, Treleaven will release a notice to market participants.

Accordingly, Cosmos Asset Management could launch its bitcoin ETF as early as April 27 as it is the only bitcoin ETF product in front of ASX Clear. It will not invest in BTC directly but in shares of North America's first Bitcoin spot ETF, Purpose Investments.