K2 Asset Management has appointed State Street Australia Limited as the fund administrator and custodian in Australia for the Cosmos Purpose Bitcoin Access ETF (Cboe: CBTC), Australia’s first cryptocurrency ETF ultimately backed by physically settled Bitcoin. CBTC’s underlying asset is the Purpose Bitcoin ETF which is managed by Purpose Investments and quoted on the Toronto Stock Exchange. The Purpose Bitcoin ETF has been established to buy and hold substantially all of its assets in long-term holdings of Bitcoin.
The partnership sees State Street providing administration and custody in Australia to a fund that provides Australian investors with exposure to cryptocurrency via a registered managed investment scheme listed on Cboe (formerly Chi-X Australia). In turn, the scheme invests in a listed offshore fund whose holdings include Bitcoin.