Tuckwell close to launching crypto ETF
Tuckwell close to launching crypto ETF - Financial Review, 12/2/2021
ETF Securities chairman Graham Tuckwell is in pole position to launch Australia's first retail managed fund to invest…
On December 2, Graham Tuckwell, the chairman of EFT Securities, announced to launch Australia's first retail managed fund to invest directly in bitcoin or ethereum. Graham found the GOLD EFT on the ASX before with a focus on security. He believes crypto assets with EFT "wrapper", similar to gold, aid diversification in constructing a portfolio.
EFT Securities holds an apparent partnership with 21Shares to co-manage this product. 21Shares, a Switzerland-based crypto fund manager, manages $3 billion across 20 funds listed on global exchanges. In October, it completed a deal with Cathie Wood of Ark Investment Management to list a bitcoin futures EFT in the US.
Competitors, such as BetaShares, launched an ETF comprising crypto-linked equities on ASX. In contrast, some EFT securities competitors, such as Vanguard, have questioned crypto assets as a serious asset class.