Australia gets first unlisted crypto fund
Following a partnership with the Gemini exchange, crypto asset venture capital firm and fund manager Holon announced Thursday that it had become the first unlisted retail bitcoin (BTC), ether (ETH), and file coin (FIL) funds.
According to a release, the funds would use a standard investment vehicle known locally as a retail managed investment scheme to invest directly in BTC, ETH, and FIL. Managed investment schemes are often handled by a fund manager and involve numerous participants contributing to earn a share of the interest.
The Australian Securities and Investments Commission, the country’s securities regulator, regulates companies, financial services, and funds like Holon’s to enforce the law and protect customers.
Australia is quickly becoming a hotspot for regulated crypto investment schemes. The country saw the debut of its first spot bitcoin and ether ETFs earlier this year: the 21Shares Bitcoin ETF (EBTC) and the ETFS 21Shares Ethereum ETF (EETH).
While trading activity through those investment vehicles has been delayed to begin, Australia’s approach sets the standard for the potential of regulated funds, including cryptocurrency. In comparison, the United States has yet to approve a spot ETF. However, it has approved a futures-based crypto ETF.
The funds will have a $5,000 minimum (or $2,000 with a $200 per month savings plan). They will offer daily unit pricing, redemption, same-day cash settlement, and asset acquisition.
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