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Bitcoin ETF approval in the US sheds positive light in Australia

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  • Bitcoin ETF success in the United States had shed positive light on the prospect of similar funds across the globe
  • Australia’s Parliament proposed an order that would put the nation on a level playing field with the US, UK, and Singapore
  • BetaShares has established Crypto Innovators ETF (CRYPT)

Bitcoin ETF by ProShares is the first crypto-based financial instrument in the United States. As the product was established in mid-October it saw an influx of about $1 billion in natural volume within 24-hours. Furthermore, amid the launch of the product the cryptocurrency itself hit a new all time high. Notably, the approval of BITO marked a significant step for the US, but has also sent ripples into other markets globally. Indeed, as ProShares’ crypto product continues to be as well received as its first day would imply, then it’s likely more and more will want to follow suit. 

It is notable that the exchange traded fund offers exposure to derivatives from futures-based contracts rather than the asset itself. Indeed, many find such factors undesirable, still it offers a notable degree of insulation for investors from Bitcoin’s inherent volatility. On the other hand, there are some products in the market with similar philosophy that helps assuage concerns that have kept institutional players at bay for years.

US Bitcoin ETF success story brings exposure to Aussies

The success story of BITO from a market like the United States has certainly shed a positive light on the prospect of similar funds across the globe. Notably, the story brought exposure to Australian institutions, standing to be a noon for both BTC and their national economy. Significantly the exposure has provided an opportunity to Aussies to take the lead on financial innovation and bring the digital assets wholly into its financial flock.

It is also significant to note that most of the legislators in the nation agree to bring Bitcoin. According to a recent report published by the Parliament of Australia’s Select Committee on Australia, as a Technology and Financial Centre it has proposed an order that would put the nation on a level playing field with the US, UK, and Singapore.

BetaShares established its crypto product

Following the proposed order in Australia and the success of the Bitcoin ETF in the United States, BetaShares, a local fund management firm has established its own product. The Crypto Innovators ETF trading on the Australian Stock Exchange (ASX) gives exposure to the fund and allows investors to track various cryptocurrency-focused firms that are based on the Bitwise Crypto Industry Innovators 30 Index.

Notably, the Bitwise Crypto Industry Innovators 30 Index’s core portfolio consists of major cryptocurrency entities. Such entities include Coinbase, Riot Blockchain, MicroStrategy, and more.

BetaShares product offers unique opportunity

Unlike the Bitcoin ETF, BetaShares’ Crypto Innovators ETF offers interested clients a unique opportunity. Indeed, such clients can participate in the skyrocketing digital assets market without having to physically purchase any cryptocurrency directly. Moreover, the fund manager claims that 85% of its index looks at platforms that derive bare minimum of either 75% of its revenue from the digital assets market directly. Or such firms alternatively possess 75% of its revenue from the digital currency market reversal. Indeed, many believe such markets are virtually inevitable.

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