After the debut of Australia's first Bitcoin ETF next week, it could attract $1 billion in investment.

The Australian Financial Review says a Bitcoin (BTC) exchange-traded fund (ETF) has received approval from authorities, and it will begin trading on April 27. It could draw in as much as $1 billion in investments.

An ETF is a traded fund that allows investors to profit from Bitcoin’s price without having to purchase any coins directly.

The first Bitcoin ETF in Australia was launched by Cosmos Asset Management, which bested rivals VanEck, BetaShares, and EFT Securities to do so. According to the Sydney Morning Herald, each firm has been vying for regulatory permissions since at least March.

The Cosmos Asset Management Bitcoin ETF will be listed on the Australian Securities Exchange (ASX) Clear capital markets clearinghouse, with approval from the Australia Securities Exchange (ASX) The fund’s ticker symbol will be COST.CO and it’ll track the price of bitcoin in Australian dollars. The deadline for receiving approval was extended after Cosmos met the minimum of four market participants to meet risk coverage requirements, according to an AFR article on Tuesday.

The Cosmos Bitcoin ETF allows you to gain exposure to spot Bitcoin investing through the Canadian Purpose Bitcoin ETF.

The US Security and Exchange Commission has approved the first-ever bitcoin ETF, which is expected to be listed on a prominent exchange. “It validates further institutional adoption,” trader at Australian wealth management firm Zerocap Kurt Grumelart told CNBC.

Grumelart expects the new Bitcoin ETF to be similarly successful:

“The event marks a large step forward for Australia and mainstream acceptance of the crypto industry as a whole.”

Grumelart believes that a successful debut will lead to an increase in demand for cryptocurrency investments. “If foreign markets are any indication, it’s reasonable to expect a surge in offerings for crypto asset-based funds outside of Bitcoin following a successful launch,” he added.

The second Cosmos crypto-related ETF will be born from the firm’s Global Digital Miners Access ETF, which was debuted last year.

Over the last year, regulators in Australia have been attempting to impose clear-cut regulations on the cryptocurrency sector. The Australian Securities and Investment Commission (ASIC) is seeking more power over the sector, but Senator Andrew Bragg believes that until cryptocurrency is classified as a financial asset under Australian law, it’s premature to grant it special powers.

Grumelart stated that he feels that establishing criteria will aid the industry’s growth.

“As the new ASIC regulations come out governing crypto assets, we expect greater clarity for local custodians and service providers, opening up this as an avenue within the coming year.”

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