K2 Asset Management expands its partnership with State Street as it launches a new Ethereum ETF

K2 Asset Management expands its partnership with State Street as it launches a new Ethereum ETF

K2 Asset Management has announced the appointment of State Street Australia Limited, an indirect wholly-owned subsidiary of State Street Corporation, as the fund administrator in Australia for the Cosmos Purpose Ethereum Access ETF.

The partnership sees State Street administering 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 Ethereum.

“K2 Asset Management have again collaborated with its trusted partner State Street in the provision of fund  services in the digital currency space. We are excited to launch the Cosmos Purpose Ethereum Access ETF  giving Australian investors access to the world’s first physically settled Ethereum ETF via the Purpose  partnership,” said George Boubouras, Executive Director of K2.

CPET’s underlying asset is the Purpose Ethereum ETF which is managed by Purpose Investments and quoted  on the Toronto Stock Exchange. The Purpose Ethereum ETF has been established to buy and hold substantially  all of its assets in long-term holdings of Ethereum.

CPET will track the total return performance of the Purpose Ethereum ETF, with the unique structure giving  investors an efficient way to gain exposure to the Ethereum asset class on an Australian regulated exchange.

“Cryptocurrencies remain a new frontier for investors in Australia and globally, bringing with them unique  operating complexities that require deep knowledge, experience and technology,” said Irfan Ahmad, State Street  Digital APAC product lead.

“At State Street, we have developed a deep understanding of the complexities that separate cryptocurrency based assets like the Cosmos Purpose Ethereum Access ETF from the traditional ETF model with which  investors are well familiar.”

“Despite recent market turbulence, we also know both institutional and retail investors are looking for efficient  and cost-effective ways to give themselves the option of cryptocurrency exposure,” Ahmad said.

“We look forward to developing this expanded partnership with K2 Asset Management, and delivering their  investors the benefit of our long and geographically diverse experience servicing ETFs.”