Cydy investor Hangouts investor to launch bitcoin ETF in November

A Sydney-based investor is set to launch a bitcoin ETF as part of a bitcoin trading frenzy.

In October, Cydy Investments bought the Australian bitcoin exchange Coinlab for $9.5 million, which will be used to invest in bitcoin.

Cydy Investments has previously bought the bitcoin mining company for $2 million, and invested in the Bitfury exchange, which was valued at $1.5 billion in December.

In November, Cydys portfolio also includes the Bitfinex bitcoin exchange, the Mt Gox bitcoin exchange and BTC China exchange.

Cydys managing director Michael Goggin said he believed a bitcoin investment could be a “good investment”.

“A lot of the bitcoin companies are either undervalued or are in bad shape,” he said.

“I think bitcoin will be a great way to diversify the portfolio.”

Bitcoin has been on a meteoric rise in value over the past few months, reaching more than $900 per coin on Tuesday.

At the time, the market value of a single bitcoin was just over $3,200.