Australian Bitcoin and Ether ETFs Delayed Due to ‘Standard Checks’

A “powerful but undisclosed third-party broker” reportedly blocked the listings


Sydney, Australia | Source: Shutterstock


key takeaways

  • Cboe Australia said Tuesday the funds would not go ahead as expected due to pending “standard checks”
  • Asset managers ETF Securities and 21Shares had hoped to push through their crypto ETFs following the go-ahead from ASX Clear last week

Three of Australia’s crypto ETFs set to launch Tuesday have been postponed, with pending “standard checks” as the primary reason given for the delay. According to a statement from Cboe Australia on Tuesday, ETF Securities’ bitcoin and ether ETFs, which track the underlying price of their respective digital asset in Australian dollars, will not commence as expected.

“A further update will be provided in the coming days,” Cboe said.

ETF Securities, along with 21Shares, had hoped to push through their funds on April 27, following a green light from the country’s primary clearing house for capital markets, ASX Clear.

Cosmos Asset Management’s bitcoin ETF, which is expected to invest in shares of Canada’s Purpose Bitcoin ETF, has also been delayed.

While the official line being given by Cboe states the funds would not go ahead as a result of the checks, the Australian Financial Review reported a “powerful but undisclosed third-party broker” had blocked the listings.

A “service provider downstream” has been fingered as the responsible party, though details of which provider ETF Securities and Cosmos are referring to were not given, per the report.

The report cites trading of the funds has been delayed due to a “prime” or “executing” broker whose blessing is required for the go-ahead.

Kanish Chugh, head of distribution of ETF Securities, reportedly told the Australian news outlet the delay was not the fault of ETF Securities, its ETFs or the exchange, and the news had caught the asset manager off guard.

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