The volatile market conditions force companies to delist their ETFs.
The teams behind Cosmos Purpose Bitcoin Access ETF (CBTC), Cosmos Purpose Ethereum Access ETF (CPET), and Cosmos Global Digital Miners Access ETF (DIGA) aim to delist its cryptocurrency exchange-traded funds (ETF) from the Australian stock exchange Cboe.
According to the Bloomberg report, the teams were forced to file requests for revoking their quotations due to crypto winter and its impact on crypto asset demand.
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On the last day of October, Cosmos filed a request to halt tradings of its CBTC and CPET. On a separate occasion, One Managed Investment Funds Limited has also requested to halt tradings for its digital miners ETF.
Cosmos Asset Management was among the first ones aiming to launch the first crypto ETFs in Australia. It finally received approval in May, allowing its ETFs to be traded.
However, the timing to roll out into the market was quite inconvenient. The data shows that over the past 12 months, the crypto market cap dropped by $2 trillion in value.
Commenting on the matter, Cosmos chief executive Dan Annan noted:
While we strongly believe in the asset class, we are all disappointed with this result, however, we will continue to follow the process in the best interest of all unit holders.
It is worth noting that the Cosmos Bitcoin and Ethereum funds hold approximately A$1.1 million ($710,000) worth of assets. Digital Miners Access ETF has about A$630,000 ($384,000).
However, it is worth noting that these are not the first crypto exchange-traded funds delisted in the past month. Valkyrie Funds have also announced its plans to close the Valkyrie Balance Sheet Opportunities ETF, an investment product offering indirect Bitcoin (BTC) exposure.
On October 31st, the fund was eventually delisted from the Nasdaq exchange. After delisting, investors started to receive cash distributions equal to those of held shares.