Asset manager VanEck has hit a milestone with the listing of its newly launched spot Bitcoin ETF on Australia’s biggest stock exchange. This makes VanEck Bitcoin ETF (VBTC) one of the crypto ETFs on the Australian Securities Exchange (ASX). Quite remarkably, ASX accounts for about 90% of the nation’s equity market.
VanEck Offers Australian Institutional Investors Access to Bitcoin
This comes at a time when institutional investors are seeking a seamless approach to invest in the burgeoning digital asset ecosystem.
This group of investors remains keen on circumventing the risks associated with the financial sector while bagging all the profits it has to offer. In today’s market, the spot crypto ETFs seem to be one such way.
Precisely, the VBTC is a feeder fund that offers exposure to BTC by investing in the company’s Bitcoin Trust (HODL), a U.S. ETF listed on Cboe. Upon its debut, VanEck’s Bitcoin ETF surged by 1% from its opening price, ending at A$20.06 which is equivalent to $13.4. This was after trading 99,791 shares.
Noteworthy, the ETF debuted in Hong Kong about seven weeks ago. It follows the close to six-month-old launch of spot Bitcoin ETF products in the United States.
Australia Sees Global Spot Bitcoin ETF Wave
Before the launch of VBTC on ASX, Australians were exposed to Bitcoin through Monochrome Asset Management’s IBTC. The ETF went live on June 4 on the Cboe Australia exchange which happens to be a smaller rival of ASX.
In the last two weeks, IBTC has registered an average trade of around 55,000 units a day and this is on daily average cash volumes of about A$550,000. The debut of both VBTC and IBTC underscores a growing global spot crypto wave that has now arrived in Australia.
This wave, combined with the one in the US, United Kingdom, Hong Kong and Thailand have what it takes to fuel the price of Bitcoin. At the moment, the coin is trading for 0.87% in 24 hours to $65,825.23.
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