In a groundbreaking move for the Australian cryptocurrency market, the country’s Securities Exchange (ASX) has sanctioned the first spot Bitcoin ETF, VanEck Bitcoin ETF to commence trading. The asset will trade on ASX under the ticker VBTC beginning Thursday, June 20.
Impact of ASX Approval of VanEck Bitcoin ETF
Notably, the VBTC marks a milestone as the first in Australia to track the spot price of Bitcoin directly and align the country with the global crypto market. Besides joining the United States and Hong Kong in the spot Bitcoin ETFs race, it enhances crypto adoption in Australia amid growing demand for digital assets.
Arian Neiron, CEO of VanEck’s Asia-Pacific region, acknowledged the significance of the approval and noted that many advisers and investors would be keen to access Bitcoin. Neiron assured that the organization will offer it, stating, “The VanEck Bitcoin ETF offers exposure to Bitcoin using a regulated, transparent, and familiar investment vehicle.”
Similarly, Andrew Campion, ASX’s general manager of investment products, corroborated Neiron by maintaining that despite the prevailing mixed sentiments surrounding crypto, there was substantial interest from both advisers and investors in Bitcoin investments.
“With the recovery of cryptocurrency prices, we’ve seen considerable interest over the last 12 months, culminating in this approval,” Campion said.
Performance of Bitcoin-related ETFs in Australia
Over the past years, Australia has offered several exchange-traded products that provides exposure to Bitcoin. As per the Crypto-Vanguard report, Monochrome Asset Management received the first approval as per the 2024 crypto asset licensing category.
Consequent to the approval, the Monochrome Bitcoin ETF (IBTC) commenced trading on the Cboe Australia exchange on June 4. Reports reveal that others such as BetaShares Holdings Pty and DigitalX Ltd are preparing for their listings on ASX, reflecting the increasing demand for Bitcoin investments.
Analysts say the approval by U.S. Securities and Exchange Commission (SEC) of spot Bitcoin ETFs seems to have spurred other regions. Some notable countries that followed the path of launching similar ETFs that track the real-time spot price of Bitcoin include Hong Kong and Thailand.
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