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Australian crypto ETF wave continues with two new funds

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Two new ‘feeder funds’ have been launched by 3iQ offering access to bitcoin and ether.

3iQ Digital Asset Management has announced the launch of two new crypto-based ETFs providing investors with exposure to bitcoin and ether.

The 3iQ CoinShares Bitcoin Feeder ETF (BT3Q) and the 3iQ CoinShares Ether Feeder ETF (ET3Q) both commenced trading on the Cboe Australia exchange on Tuesday.

While the new ETFs are domiciled in Australia, they each act as a ‘feeder fund’ to their underlying ETFs domiciled in Canada and listed on the Toronto Stock Exchange.

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These underlying ETFs - the 3iQ CoinShares Bitcoin ETF and the 3iQ CoinShares Ether ETF - invest in long-term holdings of bitcoin and ether, respectively, purchased from crypto exchanges and OTC trading counterparties that have been vetted by 3iQ.

“We are delighted to launch the 3iQ CoinShares Bitcoin Feeder ETF and the 3iQ CoinShares Ether Feeder ETF on the Cboe today,” said 3iQ chairman and CEO Fred Pye.

“Our ETFs give retail and institutional investors regulated access to the digital asset market, providing a safer alternative to a direct investment in cryptocurrencies.”

3iQ is Canada’s largest digital asset investment fund manager and currently manages more than $1.8 billion in crypto-assets. 

The firm said its funds offered a convenient and simple alternative to a direct investment in crypto, eliminating the need for investors to set up digital asset wallets to gain exposure while also providing an institutional quality custodian solution to oversee crypto security protocols.

According to 3iQ, BT3Q and ET3Q currently offer the lowest fee structure available in Australia with a total management expense ratio of 1.20 per cent.

Both ETFs will offer a three-month management fee waiver following a similar approach by Cosmos Asset Management for the Cosmos Purpose Bitcoin Access ETF (CBTC) and the Cosmos-Purpose Ethereum Access ETF (CPET) which recently listed on Cboe.

In May, ETF Securities also launched the ETFS 21Shares Bitcoin ETF (EBTC) and the ETFS 21Shares Ethereum ETF (EETH) on Cboe with a total of six crypto ETFs listed during the past month.

Cboe Australia CEO Vic Jokovic said the exchange was proud to partner with 3iQ in bringing BT3Q and ET3Q to Australian investors.

“For many investors, it’s imperative that they invest in products issued by managers with a long-track record in the asset class,” he said.

“As Canada’s largest digital asset investment fund manager, and the manager of two of the world’s first cryptocurrency ETFs, 3iQ offers Australians seeking to invest in cryptocurrency with an outstanding record of achievement in digital asset funds management.”

Australian crypto ETF wave continues with two new funds

Two new ‘feeder funds’ have been launched by 3iQ offering access to bitcoin and ether.

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Jon Bragg

Jon Bragg

Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.

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