DigitalX Secures Regulatory Nod for Spot Bitcoin ETF on ASX


DigitalX, a blockchain-oriented asset management company, is the second Bitcoin ETF to trade on the Australian Securities Exchange (ASX) having received regulatory clearance to introduce its spot ETF. An announcement released by the company on July 8 indicates that the recently approved DigitalX Bitcoin ETF, scheduled to be listed under the ticker BTXX, would start trading on July 12 at 10 a.m. local time.

DigitalX Shapes Australian Crypto Scene

Referring to the approval as a “watershed moment,” DigitalX CEO Lisa Wade expressed excitement about the advancement. Wade pointed out, “The DigitalX Bitcoin ETF is a spot ETF product that offers ASX customers direct access to Bitcoin via a regulated and liquid fund structure.” She underlined the significance of this turning point in mirroring the expansion of Australian digital asset markets. Toby Hicks, DigitalX’s Chair, also praised the clearance and underlined its importance for the larger ecosystem of digital assets.

Strategic Cooperatives

DigitalX has teamed with K2 Asset operation, the responsible organization and ETF issuer, to guarantee a successful launch and operation of the ETF. DigitalX will also work with 3iQ, a bitcoin-focused investment company, to advertise and distribute the product both here and abroad. Using the knowledge and connections of both companies, this joint approach seeks to enhance the effect and reach of the new ETF.

DigitalX is Not Alone

DigitalX’s ETF has been approved just over three weeks following the ASX greenlighting of VanEck’s spot Bitcoin ETF, which commenced trading on June 20. Closing its first trading day with $1.3 million in volume, VanEck’s Bitcoin ETF (ticker VBTC) closed But this number fell short of the $450 million daily average recorded by the nine American spot Bitcoin ETFs during their first trading days.

Over the first five hours of trade on July 9, VBTC generated a trading volume of somewhat over $475,000 ($700,000 Australian dollars), according ASX figures. These numbers show the rather low trading activity in comparison to the bigger U.S. market, but they also show increasing interest and acceptance of Bitcoin ETFs among Australians.

Apart from DigitalX and VanEck, Australian fund manager Betashares is working on an ASX Bitcoin ETF. A Bloomberg April story claims Betashares is in the process of getting the required permits, suggesting a competitive and fast changing Australian market for Bitcoin ETFs.

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