The Australian Securities Exchange (ASX) has given the green light for its first spot Bitcoin exchange-traded fund (ETF), which is set to begin trading on June 20. This significant approval marks a milestone for Bitcoin investment accessibility in Australia.
VanEck Bitcoin ETF
Investment firm VanEck will issue the new spot Bitcoin ETF, named the VanEck Bitcoin ETF (VBTC). According to a VanEck press release shared with Cointelegraph, this development follows the approval of the firm’s VanEck Bitcoin Trust (HODL) for trading in the United States earlier this year, on January 11.
Arian Neiron, VanEck’s CEO for the Asia-Pacific region, emphasized the growing demand for Bitcoin exposure in Australia. “We recognize Bitcoin as an emerging asset class that many advisers and investors want to access,” Neiron stated. He highlighted that VBTC will simplify Bitcoin investment by managing the technical complexities of acquiring, storing, and securing digital assets.
Previous Bitcoin ETF Launches in Australia
While this is the ASX’s first approval of a spot Bitcoin ETF, it is not Australia’s first Bitcoin ETF. The Monochrome Bitcoin ETF (IBTC) recently began trading on June 4 on Australia’s second-largest stock exchange, the Cboe Australia exchange. Monochrome ensures the security of IBTC’s holdings by storing them offline with a crypto custody solution that meets Australian institutional custody regulatory standards.
In April 2022, the Global X 21 Shares Bitcoin ETF (EBTC) was the first Bitcoin ETF to launch in Australia, making its debut on the Cboe Australia exchange.
Market Demand and Accessibility
The approval of the VBTC by ASX signifies the increasing acceptance and demand for regulated Bitcoin investment vehicles in the Australian market. Neiron noted that such ETFs make Bitcoin more accessible to investors by eliminating the need to understand the technical aspects of digital asset management.
This move by ASX reflects a broader trend towards integrating Bitcoin and other digital assets into mainstream financial markets, offering investors a regulated and transparent way to gain exposure to this emerging asset class.
