In Australia, cryptocurrency ETFs hit record trading volume on day one

The cryptocurrency ETF under the ticker CRYP was added to the Australian Stock Exchange (ASX) listing on November 4 and set a record for trading volume in the first 15 minutes.

The funds of the fund, launched by BetaShares, are invested in stocks of 50 cryptocurrency companies from around the world. Among them are cryptocurrency exchanges, mining companies and equipment manufacturers. The largest share of the fund is invested in Galaxy Digital shares – 12%. Another 11.3% is in Marathon Digital, 10.7% is in Coinbase Global, while Silvergate Capital and Microstrategy are 10.2% and 9.4%, respectively.

Earlier on the ASX platform, the record for trading volume with ETFs on the first day was $ 5.8 million. However, just a quarter of an hour after the launch of the ETF from BetaShares exceeded this figure, and by the end of the day, $ 31.3 million worth of deals were made in CRYP shares. Ryan McCall, CEO of Australian cryptocurrency investment platform Zerocap, said:

“This year, our business is also breaking records. Interest from wealthy people, family-owned investment companies and financial advisors has really grown a lot and we seem to be seeing acceptance from institutional investors. I think Australia will soon approve ETFs with direct investments in bitcoin, and then funds for ether and other cryptocurrencies. ”

Note that in the US, a similar ETF called “Volt Bitcoin Revolution” was approved in early October. Then the American regulator approved the fund for bitcoin futures. However, the SEC does not yet plan to approve ETFs with direct investment in Bitcoin or other cryptocurrencies.