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Highlights
- The Cosmos Global Digital Miners Access (DIGA) launched on Chi-X on Thursday and is the latest in a global flurry of digital-asset products
- DIGA is the first product to list with a focus on digital-currency mining and is the closest thing to trading in Bitcoin on a regulated exchange
- There has been increasing demand for a direct BTC fund for some time. However, Aussie regulators are still reluctant to approve one
The Cosmos Global Digital Miners Access (DIGA) launched on the Chi-X on Thursday is the latest in a global flurry of digital-asset products.
DIGA aims to provide investors with access to global leaders in crypto mining and infrastructure.
How Does DIGA Work?
DIGA is an ETF (electronic traded fund). Although the fund doesn’t directly hold cryptocurrencies, it does include firms like Marathon Digital Holdings Inc., Riot Blockchain Inc., Hive Blockchain Technologies Ltd. and Hut 8 Mining Corp – all crypto mining companies.
DIGA is trading on the Chi-X Australia exchange, which is an alternative trading venue to ASX TradeMatch on the ASX and is regulated by the Australian Securities and Investment Commission (ASIC).
DIGA is the first product to list with a focus on digital-currency mining and is the closest thing to trading in Bitcoin on a regulated exchange.
What’s an ETF?
ETF’s are a type of security available on a stock exchange, which tracks the price of an individual commodity or even a collection of securities.
Recently, crypto ETFs have been emerging on stock exchanges throughout the world. These types of ETFs track the performance of cryptos such as Bitcoin and allows investors the opportunity to invest in cryptocurrency on a regulated exchange as opposed to a crypto exchange, which is largely unregulated and therefore very risky.
The Closest Thing To Regulated Bitcoin Trading
Cosmos CEO, Dan Annan, has praised the fund as a long awaited alternative to trading on crypto exchanges, which is extremely risky due to their unregulated nature.
Annan also added that the fund provides Australians with the opportunity to potentially hop onto the wave of crypto market innovation.
Will There Ever Be a Direct Bitcoin ETF?
Annan says he still hopes to launch an ETF that directly tracks Bitcoin, adding that there’s been increasing demand for such a fund for some time. However, Aussie regulators are still reluctant to approve a Bitcoin ETF.
According to Chi-X CEO, Vic Jokovic, there are many people waiting for clarity from ASIC or the government, but it remains unclear whose wheelhouse the regulation sits.
For now though, the release of DIGA is a step in the right direction for those waiting for a direct Bitcoin ETF in Australia.
