The new cryptocurrency ETF from the australian fund management company BetaShares broke the Australian Stock Exchange (ASX) record in the first 15 minutes of trading.
The Capital Appreciation Portfolio Diversification (CRYP) fund gives investors exposure to 50 listed crypto companies from around the world. such as exchanges, mining companies, and equipment companies.
Some of the leading CRYP companies are Galaxy Digital (12.0%), Marathon Digital (11.3%), Coinbase Global (10.7%), Silvergate Capital (10.2%) and Microstrategy (9.4%) .
Investors surpassed the ETF’s previous record of $ 5.8 million (A $ 8 million) in minutes, skyrocketing to nearly $ 31.3 million (A $ 42.5 million) at the end of the opening day, indicating massive demand for cryptocurrency exposures on the ASX.
The CEO of the Australian crypto investment platform Zerocap, Ryan McCall, said that CRYP’s success came as no surprise considering that Australians have had an appetite for cryptocurrencies for the past 12 months.
“We also broke records in our business this year; Demand from wealthy individuals, family offices and consultants has exploded and appears to be accelerating with institutional adoption.
And he added: “A Bitcoin ETF in Australia is not far off, followed by Ethereum and possibly other cryptocurrencies.”
The Australian Securities and Investments Commission (ASIC) has just given the green light to launch Bitcoin and Ethereum ETFs. provided a long list of guidelines is followed.
The success of CRYP reflects the launch of the ProShares Bitcoin Strategy ETF, which was the first ETF based on Bitcoin futures in the US. The launch in October had a volume of around 1 billion US dollars on the opening day, and 24.313 million BITO shares changed hands.
Nevertheless, U.S. regulators seem reluctant to approve a spot Bitcoin ETF (which holds real bitcoin, not futures contracts), putting Australia ahead of the game.
McCall said that Bitcoin futures ETFs “are an inferior product for identifying Bitcoin, with a price that is separate from the underlying asset.. Hopefully the regulators will see it here and we will be on the spot. “
Earlier this week The Commonwealth Bank of Australia announced their plans to support trading of 10 crypto assets through their app with 6.5 million active users.