Australia's Largest Stock Exchange Lists First Bitcoin Spot ETF
Australia's largest stock exchange, ASX, has listed its first Bitcoin Exchange Traded Fund (ETF), marking a significant milestone in the country's financial landscape.
Australia's Largest Stock Exchange Lists First Bitcoin Spot ETF. Photo: iTnews
ASX, ranked among the world's top 10 stock exchanges, has listed the VanEck Bitcoin ETF, establishing the first BTC exchange-traded product on its platform.
As of June 18, the VanEck Bitcoin ETF (VBTC) has total net assets of approximately AUD 982,850 (USD 655,560). VBTC operates as a feeder fund, enabling investors to gain exposure to Bitcoin by investing in the VanEck Bitcoin Trust (HODL), listed in the United States.
Source: VanEck website
Andrew Campion, ASX's Director of Investment Products and Strategy, emphasized that today's move benefits traders by expanding access to Bitcoin within the Australian community. He stated:
"While direct Bitcoin trading through crypto exchanges has been possible, owning Bitcoin through ETFs on stock exchanges like ASX offers significant advantages. It means you can buy and sell ETFs through traditional brokerage accounts, simplifying the process and opening up opportunities to more Australians."
ASX is a leading stock exchange in Australia, managing approximately 80% of local trades. As of May 2024, the exchange has a domestic market capitalization of AUD 2.6 trillion, according to information on the ASX website.
Reports earlier this year indicated ASX's preparations to list its first Bitcoin ETF. Sources also revealed several companies besides VanEck have submitted applications, including local issuers BetaShares and DigitalX.
In addition to ASX, Australia's second-largest stock exchange, Cboe Australia, recently approved the Monochrome Bitcoin ETF (IBTC) earlier this month. Australian investors have had early exposure to Bitcoin ETFs, with Global X's Bitcoin and Ethereum ETFs listed on Cboe since April 2022.
Speaking about the ETF landscape in the United States, the country approved its first Bitcoin Spot ETF in January 2024. A total of 11 Bitcoin Spot funds in the US have accumulated USD 56.06 billion in total net assets, surpassing pre-launch expectations. Hong Kong has also joined the ETF race since April, amassing over USD 1.38 billion in assets.
