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Fear & Greed:
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Bitcoin:
$ 62.366
BTC Dominance:
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Market Cap:
$2.21 T

ASX Approves First Spot Bitcoin ETF, Set to Launch on June 20

Australia, Bitcoin, Bitcoin Etf

The first Bitcoin ETF of Australia is set to start trading on the Australian Securities market (ASX) on June 20 after being approved. As reported by a VanEck press release, the New York based financial company VanEck plans to offer the spot Bitcoin ETF called the VanEck Bitcoin ETF (VBTC).

VanEck to Issue Australia’s First Spot Bitcoin ETF

Just a few months after VanEck was allowed to start trading spot Bitcoin ETFs in the United States through the VanEck Bitcoin Trust (HODL), on January 11, the Chief Executive Officer for VanEck in the Asia-Pacific region, Arian Neiron stressed the need for Bitcoin exposure in Australia particularly through a “regulated, transparent and a familiar investment vehicle. “

”Many advisers and investors want to use Bitcoin as it is a new type of a product, an asset,” Neiron said. In this way, VBTC implements the back-end procedures and thus makes the Bitcoin more understandable and convenient to use. He said, “Understanding how and where to obtain, store, and secure digital assets is no longer sufficient.

Growing Demand for Regulated Bitcoin Exposure in Australia

This makes the launching of VBTC as the first spot Bitcoin ETF approved by the ASX a historical event. This action reflects the increasing demand for the new form of investment through Bitcoin in Australia. The VBTC aims to simplify the processes of investors and eliminate the need for them to comprehend the mechanisms of managing digital assets.

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Previous Bitcoin ETF Launches in Australia

Although being allowed by the ASX, this is not the first time that a Bitcoin ETF has been launched in Australia. Recently, the Monochrome Bitcoin ETF (IBTC) was recently approved and hence is now listed on the Cboe Australia exchange, the second largest stock exchange in Australia. Being fully aware of the fact that Astral’s holdings are going to be stored in a device which will not be connected to the internet at all, the Monochrome Bitcoin ETF started trading on June 4.

The Global X 21 Shares Bitcoin ETF (EBTC) started trading in Australia in April 2022 and was the first Bitcoin ETF product; this paved the way for the following ETFs such as VBTC and IBTC.

In line with the increasing acceptance and trading of cryptocurrencies in the standardized markets, the Australian investors are now in a position to obtain regulated access to Bitcoin through the VanEck Bitcoin ETF (VBTC) that has received the approval of the ASX.

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