Crypto:
30601
Bitcoin:
$58.525
% 0.92
BTC Dominance:
%53.3
% 0.09
Market Cap:
$2.13 T
% 0.20
Fear & Greed:
25 / 100
Bitcoin:
$ 58.525
BTC Dominance:
% 53.3
Market Cap:
$2.13 T

DigitalX’s Bitcoin ETF Set to Debut on Australian Securities Exchange

Australia, Bitcoin

DigitalX, a blockchain-oriented asset management, has been authorized by regulators to open its spot Bitcoin exchange-traded fund (ETF), thereby ranking as the second ETF trading on the Australian Securities Exchange (ASX).

Launch Details and Industry Effects

Revealed in a July 8 X post, the DigitalX Bitcoin ETF will be launched under the ticker BTXX on July 12 at 10 am local time. Lisa Wade, the CEO of BTXX, said the clearance to list BTXX was “watershed moment.”

“The DigitalX Bitcoin ETF is a spot ETF product that offers ASX consumers direct access to Bitcoin via a regulated and liquid fund structure,” Wade added. Chair Toby Hicks of DigitalX also said, “It is exciting to see the growth and development of the digital assets markets reflected in this approval” in Australia.

Partnership and Market Context

Acting as the responsible body and spot Bitcoin ETF issuer, DigitalX teamed with investment management company K2 Asset Management. DigitalX will also collaborate with investment company 3iQ, which specializes in cryptocurrencies, to advertise and rollout the product both domestically and abroad.

This clearance comes just over three weeks after the ASX’s June 15 approval of VanEck’s spot Bitcoin ETF, which started trading on June 20 local time. With $1.3 million in volume on its first trading day, the VanEck Bitcoin ETF (VBTC) closed well behind the $450 million daily average seen across the nine United States spot Bitcoin ETFs throughout their first 10 trading days.

In the first five hours of the July 9 trading day, VBTC had a little over $475,000 ($700,000 Australian dollars), according ASX figures. An April Bloomberg story claims Australian investment firm Betashares is also working on a Bitcoin ETF on the ASX.

READ:  BlackRock's Bitcoin ETF Inflow Streak Ends

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