21Shares AG, the issuer of crypto Exchange Traded Products, has joined forces with ETF Securities to launch two funds that offer simple, cost-effective and direct access to cryptocurrency investments for the first time in Australia. The funds will go live on April 27.
With over $2.5billion in Assets under Management (AUM) and a current valuation of more than USD 700 million, 21shares is the largest issuer of crypto ETPs worldwide. In total, the company offers over 130 listings with more than 30 products, including the world’s only ETP tracking Binance, four crypto index baskets, and two ETP with investor staking rewards (Tezos and Solana). Its products are listed on ten regulated European and Swiss trading exchanges.
The new partnership with ETF Securities, Australia’s oldest independent ETF provider, founded in 2002 by Graham Tuckwell aims to bring the first crypto ETFs to Australia. The two companies are launching the ETFS 21Shares Bitcoin ETF (EBTC) and ETFS 21Shares Ethereum ETF (EETH) funds. Investment via EBTC and EETH overcomes the pitfalls of the cryptocurrency market, including low exchange quality, weak custody arrangements, vulnerability to hacking and the loss of private keys and passwords, as explained by Kanish Chugh ETF Securities Head of Distribution.
Hany Rashwan, CEO and co-founder of 21Shares, said: “We're so incredibly excited to be able to offer the first direct exposure Bitcoin and Ethereum ETF in Australia. Australian investors clearly want and deserve an affordable, easy, and professional way to access the growing crypto asset class and we're delighted to continue building accessible bridges into the crypto world. We're starting with Bitcoin and Ethereum but have even more exciting plans for Australian investors".
Both funds will list on CBOE Exchange (formerly Chi-X). EBTC will track the price of bitcoin in Australian dollars, fully backed by bitcoin held in cold storage by Coinbase. EETH will track the Australian dollar price of ether, which is the cryptocurrency of the Ethereum blockchain. It is fully-backed by ether held in cold storage by Coinbase.
Graham Tuckwell, Executive Chairman of ETF Securities Australia, says EBTC and EETH give investors a way of trading cryptocurrency in a tightly regulated environment without establishing and maintaining their bitcoin or Ethereum wallets or managing the risks. “Once we decided to build a range of crypto ETFs for the Australian market, there was only one partner we wanted to work with, 21Shares. Other fund managers worldwide have emulated its pioneering approach to secure cryptocurrency investment,” says Tuckwell.
(Press release/RAN)
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