- Cosmos Asset Management will delist the Purpose Ethereum Access ETF and the Purpose Bitcoin Access ETF.
- The decision was made after a public argument between Burniske and the CEO of Cboe Australia.
- Global X Bitcoin and Ether funds have a total market value of around A$8.5 million in Australia.
After receiving a cold response from investors upon launch, crypto fund manager, Cosmos Asset Management has decided to withdraw its much-hyped exchange-traded funds from the local stock market.
The Sydney-based investment company plans to delist its Purpose Ethereum Access ETF (CPET) and Purpose Bitcoin Access ETF (CBTC).
The combined assets of the two funds comprise roughly A$1.1 million ($710,000).
The decision to withdraw comes after a “lack of interest” from the Australian market, according to CEO and co-founder Christopher Burniske. Moreover, Burniske stated:
We’ve had a lack of interest in our products ever since they’ve been on the market.
Furthermore, he added, “We’ve been open about our struggles since we launched, and we want to thank everyone who has supported us.”
The decision comes as a surprise, as Burniske touted the three funds as the first in Australia to provide access to cryptocurrencies directly through ETFs.
The funds were set up in partnership with Japan’s largest crypto exchange, Shibuya Corp. The decision follows a public spat between Burniske and Cboe Australia’s CEO, Robert Cornish.
Approximately $1.1 million ($710,000) worth of assets are held by the Cosmos Bitcoin and Ethereum funds, as per the Toronto-listed funds managed by Purpose Investments. The equities portfolio used by the miners has a total of around $630,000 in it.
The Global X Bitcoin and Ether funds, which have a combined market value of about A$8.5 million, are still accessible in Australia.
According to statistics gathered by Bloomberg Intelligence, the majority of crypto exchange-traded product assets, or around 83%, are kept in the US, with Europe coming in second with 16%. Brazil makes up the majority of the remaining amount, and the Asia-Pacific area hardly registers.
In an effort to establish itself as an Asian hub for virtual assets, Hong Kong released a comprehensive regulatory update this week that permits futures-based crypto ETFs.
The post Cosmos Asset Management Aims To Delist Australian Crypto ETFs appeared first on Coin Edition.