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VanEck brings the Bitcoin ETF to Australia’s main exchange
The Australian Securities Exchange (ASX) marked a milestone on Thursday with the launch of the country’s first Bitcoin (BTC) exchange-traded fund (ETF) on its main stock market. The VanEck Bitcoin ETF (VBTC) debuted with around AUD990,000 ($660,429) in assets, signaling a growing appetite among investors for cryptocurrency-related products.
The launch It comes after more than three years of discussions between fund managers and the ASX, as the exchange operator sought to ensure adequate safeguards were in place. While the VanEck Bitcoin ETF will not hold Bitcoin directly, it will invest in the U.S.-listed VanEck Bitcoin Trust (HODL). which made its debut in January.
The launch of the VanEck Bitcoin ETF follows a wave of similar products hitting the market in other countries. In the United States, investors have poured billions of dollars into cryptocurrency ETFs since several products received regulatory approval in early 2024. Hong Kong also joined the trend in Aprilintroducing six cryptocurrency funds, although investor interest has been relatively muted compared to the United States.
The BTC ETF debuted on the ASX. Source: Tradingview.com
“Demand for access to Bitcoin via a listed vehicle traded on the ASX is increasing and many of our clients have told us that their clients are already positioned to have a ready allocation to invest,” said Arian Neiron, CEO and administrator Delegate of VanEck Asia-Pacific.
While the VanEck Bitcoin ETF is the first fund of its kind to list on the ASX, it is not the only cryptocurrency-related product available to Australian investors. The local branch of CBOE Global Markets (CBOE) operates a competing exchange already hosts several bitcoin ETFs.
Bitcoin, the world’s largest cryptocurrency by market capitalization, has seen a significant recovery in 2023, with its price nearly tripling since the start of the year. However, the value of the digital asset has stabilized in recent months after peaking in March.
Like the VanEck Bitcoin The ETF begins trading alongside some of Australia’s best-known companies, such as BHP (BHP) and Commonwealth Bank (CBA). It remains to be seen how investors will respond to this new investment vehicle and whether it will pave the way for more cryptocurrencies. -related products on ASX in the future.
The cryptocurrency ETF market is eagerly awaiting the introduction of the first physically backed funds for Ethereum (ETH), the second largest digital asset by market capitalization. Although the US SEC accepted preliminary requests from issuers a month agofinal approval has not yet occurred.
The Australian Securities Exchange (ASX) marked a milestone on Thursday with the launch of the country’s first Bitcoin (BTC) exchange-traded fund (ETF) on its main stock market. The VanEck Bitcoin ETF (VBTC) debuted with around AUD990,000 ($660,429) in assets, signaling a growing appetite among investors for cryptocurrency-related products.
The launch It comes after more than three years of discussions between fund managers and the ASX, as the exchange operator sought to ensure adequate safeguards were in place. While the VanEck Bitcoin ETF will not hold Bitcoin directly, it will invest in the U.S.-listed VanEck Bitcoin Trust (HODL). which made its debut in January.
The launch of the VanEck Bitcoin ETF follows a wave of similar products hitting the market in other countries. In the United States, investors have poured billions of dollars into cryptocurrency ETFs since several products received regulatory approval in early 2024. Hong Kong also joined the trend in Aprilintroducing six cryptocurrency funds, although investor interest has been relatively muted compared to the United States.
The BTC ETF debuted on the ASX. Source: Tradingview.com
“Demand for access to Bitcoin via a listed vehicle traded on the ASX is increasing and many of our clients have told us that their clients are already positioned to have a ready allocation to invest,” said Arian Neiron, CEO and administrator Delegate of VanEck Asia-Pacific.
While the VanEck Bitcoin ETF is the first fund of its kind to list on the ASX, it is not the only cryptocurrency-related product available to Australian investors. The local branch of CBOE Global Markets (CBOE) operates a competing exchange already hosts several bitcoin ETFs.
Bitcoin, the world’s largest cryptocurrency by market capitalization, has seen a significant recovery in 2023, with its price nearly tripling since the start of the year. However, the value of the digital asset has stabilized in recent months after peaking in March.
Like the VanEck Bitcoin The ETF begins trading alongside some of Australia’s best-known companies, such as BHP (BHP) and Commonwealth Bank (CBA). It remains to be seen how investors will respond to this new investment vehicle and whether it will pave the way for more cryptocurrencies. -related products on ASX in the future.
The cryptocurrency ETF market is eagerly awaiting the introduction of the first physically backed funds for Ethereum (ETH), the second largest digital asset by market capitalization. Although the US SEC accepted preliminary requests from issuers a month agofinal approval has not yet occurred.