Australian Crypto ETF Breaks Record on Debut
One of the country’s first crypto ETFs broke records when it debuted on the Australian stock exchange. The BetaShares crypto company ETF has now established a new high on Australia’s largest stock exchange. The BetaShares ETF was created to diversify investors’ portfolios into cryptocurrencies without requiring them to own any of the underlying assets.
The Australian Securities Exchange (ASX) opened for business, and BetaShares ETF debuted on the Capital Appreciation Portfolio Diversification (CRYP) fund. CRYP provides interested investors with cryptocurrency exposure. Top crypto mining, exchange, and equipment companies have registered with the fund. These 50 companies each own a percentage of the fund. Microstrategy, Coinbase Global, Galaxy Digital, Silvergate Capital, and Marathon Digital are just a few of the companies on the list. They are the leading companies, with a combined 53.6 percent market share.
Within minutes of the BetaShares ETF opening for trading, investors had put in a total of A$42.5 million ($31.3 million), a massive 531.25 percent increase from the previous record of A$8 million ($5.8 million). As a result, the BetaShares ETF set a new record for the highest amount invested in a debutant share. It’s incredible that it got to that number in less than 20 minutes. Several experts have reacted to the debutant crypto ETF’s unprecedented performance.
Australia’s Cryptocurrency Appetite Is Increasing
The opening day record set by BetaShares ETF reveals the heightened appetite for cryptocurrency assets that Australia has experienced over the last couple of years. Between 2019 and now, the rate of cryptocurrency education and adoption has increased in Australia as more people are turning to the digital token market to make some profit and hedge against inflation. A recent report by Finder’s cryptocurrency adoption index placed Australia third on the list of global cryptocurrency adoption. The report also stated that about 18% of all Australians own some cryptocurrency. And of that figure, Bitcoin, Ethereum, Dogecoin, and Binancecoin are the most popular in that order.
Ryan McCall, the CEO of Zerocap in Australia, expressed his thoughts on CRYP’s debut performance. CRYP’s performance, according to McCall, does not come as a surprise given Australians’ massive crypto appetite. While boosting the performance, he also predicted that Australia is not far from approving a spot Bitcoin ETF.
The Rise of Crypto ETFs
Australia is set to follow the lead of the United States in approving and launching crypto-based ETFs, specifically Bitcoin and Ethereum. Before ETFs can be approved, the Australian Securities and Investment Commission (ASIC) has established specific requirements and guidelines that must be followed. Although a few more countries have expressed interest in approving crypto ETFs, none have approved a spot Bitcoin ETF.
After a lengthy wait for SEC approval, the ProShares Bitcoin Strategy ETF was approved and launched in September in the United States. It was the first Bitcoin-ETF in the United States, and it set a record on its first day, with $1 billion in trading volume. The SEC has stated that it is reviewing additional crypto ETF applications for potential approval.
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