Australia ASX Approves First Spot Bitcoin ETF

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The Australian Securities Exchange (ASX) greenlit its first-ever spot Bitcoin exchange-traded fund (ETF) in Australia, pleasing BTC enthusiasts in the region. The VanEck Bitcoin ETF (VBTC) is scheduled to begin trading on June 20.

Bloomberg reported the development first but the price wasn’t affected as the digital asset remained bearish, dropping 2% in 24 hours.

“We recognize Bitcoin is an emerging asset class that many advisers and investors want to access,” Arian Neiron, chief executive officer for VanEck in the Asia-Pacific region, said in the statement. The ETF offers exposure to Bitcoin “using a regulated, transparent and familiar investment vehicle,” he said.

VanEck Leading the Way in Australia

VanEck, an asset management company, will issue the pioneering ETF in Australia. The confirmation comes after VanEck debuted its spot Bitcoin ETFs in the United States, the VanEck Bitcoin Trust (HODL), which began trading on January 11 after SEC’s long-dragged approval.

Neiron also highlighted the increasing demand for Bitcoin in Australia, He said that investors are particularly interested in accessing Bitcoin via regulated and transparent products.

“Bitcoin is an emerging asset class that many advisers and investors want to access,” Neiron stated.

VBTC will ease the process of investing in Bitcoin by taking care of acquiring, storing, and securing BTC. The removal of complications will make Bitcoin more accessible to investors.

Storing Bitcoin can be a headache for investors who’re new to the space. First of all, choosing the wallets can be a daunting task and might confused many. This is where spot ETFs come in.

Notably, BTC ETFs in the US have seen billions in inflow, breaking records and making history. However, BTC still hasn’t shown much price growth since April.

A Growing Trend

This isn’t the first instance of Bitcoin ETFs making their debut in Australia. Earlier this month, the Monochrome Bitcoin ETF (IBTC) was approved and started trading on Australia’s second-largest stock exchange, Cboe Australia. The IBTC began trading on June 4, with Monochrome ensuring that its holdings are stored offline using a secure crypto custody solution that meets Australian institutional custody regulatory standards.

The first Bitcoin ETF to launch in Australia was the Global X 21 Shares Bitcoin ETF (EBTC), which made its debut in April 2022. These developments reflect a growing acceptance and integration of Bitcoin within the traditional financial framework of Australia.

BTC ETF in Australia

The approval of VBTC by the ASX marks a significant step forward in legitimizing Bitcoin as a mainstream investment asset in Australia. Spot Bitcoin ETFs provide a more straightforward and regulated means for investors to gain exposure to Bitcoin without needing to manage the underlying assets themselves. This ease of access is expected to attract a broader range of investors, from individual retail traders to large institutional players.

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