Australian Crypto ETF Passes $40 Million in First Day of Trading

November 06, 2021, 9:45 AM AEST - 3 weeks ago

BetaShares’ crypto exchange-traded fund (ETF) debuted this week, smashing Australian Securities Exchange (ASX) trading records on its debut. Investors’ appetite was such that more than A$40 million was poured into the crypto ETF on its first day of trading. 

$5.2 Million Traded in Five Minutes

Thousands of local investors gathered on November 4 to participate in the highly anticipated launch of Australia’s first crypto ETF. Almost A$5.2 million was traded in the first five minutes. The fund soared to a total of A$42.5 million, signalling local institutional demand for cryptocurrencies.

As Crypto News Australia reported, ASIC this week gave the green light to fund managers to launch crypto ETFs after consulting with industry experts. BetaShares CRYP (Capital Appreciation Portfolio Diversification) was the first to debut on the ASX, and it comprises a range of companies whose revenues derive mainly from crypto-companies such as retail exchanges, blockchain firms, mining companies, etcetera. 

The fund is now full with investments in several high-profile companies including:

  • Galaxy Digital (12.3% in weight of assets)
  • Marathon Digital (11.3%)
  • Coinbase Global (10.7%)
  • Silvergate Capital (10.2%)
  • Microstrategy (9.4%)

Big Moment For Australian Finance

Alex Vynokur, CEO of BetaShares, tagged the event as a “big moment for Australian finance” – yet he’s not surprised by the fund’s success, acknowledging there has been real demand for crypto-assets in Australia over the past 12 months, from family offices to high net worth individuals.

There’s real appetite from Australian investors both from individual investors as well as financial advisers to obtain the exposure to the digital assets ecosystem and do it in a regulated structure. It surpassed our expectations.

Alex Vynokur, CEO, BetaShares

Crypto ETFs have long been expected by the crypto community, and institutions are now realising the potential of crypto-assets and blockchain technology. The success of BetaShares proves the local demand for crypto-assets in Australia is growing.

More countries are now joining the BTC ETF movement. At this point, the most traded crypto fund is ProShare’s ETF, which broke records of US$1 billion worth in trading volume in just one day, marking the second-largest volume for an ETF ever registered in the US.

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