Canada’s 3iQ could be first to launch Australian crypto ETF

Last-minute delays to three Australian cryptocurrency exchange-traded funds (ETFs) could allow Toronto-based 3iQ Digital Asset Management to launch the first of such products in the country, the Australian Financial Review reported.

See related article:Launch of three crypto ETFs in Australia delayed

Fast facts

• The Canadian firm lodged disclosure documents with the Australian Securities and Investments Commission (ASIC) last week to list the 3iQ CoinShares Bitcoin Feeder ETF and 3iQ CoinShares Ether Feeder ETF on Australia’s Cboe exchange.
• The two products grant exposure to respective cryptocurrencies via units purchased on 3iQ’s existing ETFs listed on the Toronto Stock Exchange.
• Documents lodged with ASIC reveal 3iQ’s client base would be restricted to self-managed superannuation (retirement) funds, which would limit its access but potentially hasten its application process.
• Australia’s ETF Securities and Cosmos Asset Management had planned for three cryptocurrency ETFs to launch on Cboe on April 27, only to face last-minute delays from downstream service providers.
• No guidance has yet been given on when the ETFs will launch.

See related article:Bitcoin and Ethereum spot ETFs landing in Australia next week