Source: blockchain.news
Cosmos Asset Management, an Australia-based crypto fund manager, has announced its intention to delist three of its crypto exchange-traded funds (ETFs) listed on the Cboe stock exchange in Australia.
The North Sydney-based investment firm said Wednesday that it plans to delist the Cosmos Purpose Bitcoin Access ETF, the Cosmos Purpose Ethereum Access ETF and the Cosmos Global Digital Miners Access ETF.
Cosmos management teams said they applied to close listings for all three crypto ETFs on the Cboe Australia-run exchange.
Cosmos Asset Management was one of the companies that rushed to introduce its first cryptocurrency ETFs in Australia earlier this year. However, the underperformance of these funds is evident, triggered by the onset of the crypto winter that saw a significant decline in investor demand and a massive drop in digital assets of up to $2 trillion over roughly the last 12 months.
According to the company’s September disclosure, the Cosmos Purpose Bitcoin Access ETF had about $850,000 in assets under management, the Cosmos Purpose Ethereum Access ETF had about $232,000, and the Cosmos Global Digital Miners Access ETF had about $632,000.
In a statement on Wednesday, Dan Annan, CEO of Cosmos, spoke about the development: “While we are strong believers in the asset class, we are all disappointed with this outcome, however we will continue to follow the process in the best interest. of all the participants.”
The funds started off with low volumes when they began trading in May this year. The onset of the crypto winter in the following months is identified to have further dampened investor appetite.
Cosmos’ move follows an announcement by digital asset fund manager Valkyrie Funds to close and delist its Valkyrie Balance Sheet Opportunities ETF (VBB), which offers exposure to Bitcoin.
Last month, Valkyrie liquidated the fund and subsequently delisted it from the Nasdaq exchange. Blockchain.News reported on the matter on Oct. 12.
Valkyrie discontinued the investment vehicle due to the fund’s poor business performance, calling the move the best course of action for all involved.
Despite peaking when it launched in December of last year, VBB’s shares tumbled with falling crypto asset prices. VBB shares are down more than 54% this year, while the price of Bitcoin is down around 58%.
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