Australia Approves Second Bitcoin ETF On Premier Stock Exchange

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As a seasoned crypto investor, I am thrilled to see DigitalX’s Bitcoin ETF receiving approval from the ASX. The growing number of Bitcoin ETFs in Australia is a promising sign for the industry and will undoubtedly attract new investors and institutional players. This long-term vision to integrate cryptocurrencies into traditional investment portfolios is essential for the mainstream adoption of digital assets.

Sydney-based investment firm DigitalX has gained ASX‘s authorization to launch a Bitcoin exchange-traded fund (ETF). This makes DigitalX the second company granted approval by Australia’s leading stock exchange for offering such a product.

According to a statement issued by DigitalX on Tuesday, the Bitcoin ETF they manage under the ticker BTXX is scheduled for listing on July 12.

DigitalX Bitcoin ETF Joins Previously Launched Offerings

With the help of K2 Asset Management and 3iQ, DigitalX has launched the Bitcoin ETF to meet the increasing interest in investing in cryptocurrencies, specifically Bitcoin, which is the largest digital currency by market capitalization.

Lisa Wade, the CEO of DigitalX, is convinced that the arrival of a Bitcoin ETF will draw in fresh investors and provide an opportunity for institutional investors to integrate Bitcoin and other digital assets into their portfolio diversification plans.

Wade highlighted the future perspective of the move, acknowledging that adding cryptocurrencies to conventional investment schemes is a continuous process.

As a researcher, I’m convinced that our initiative will draw new market participants and eventually enable institutional investors to consider incorporating Bitcoin and digital assets into their long-term investment strategies. This is the primary objective of our efforts, even though realizing this goal may take some time.

According to Bitcoinist’s report, the Australian Securities Exchange (ASX) granted approval for VanEck’s Bitcoin ETF (VBTC) around three weeks ago. Meanwhile, BetaShares Holdings, a fund management company based in Sydney, has made an application to launch Bitcoin and Ethereum ETFs on the ASX.

Two more Bitcoin ETFs, DigitalX Bitcoin ETF and VanEck’s ETF, are set to be approved by the ASX. It’s important to mention that Australia has previously introduced two other Bitcoin ETFs within the last two years.

In April 2022, the Global X 21 Shares Bitcoin ETF (EBTC) was introduced to the public. Approximately two months later, on June 4, the Monochrome ETF (IBTC) began trading on the Cboe Australia exchange.

July Proves Bullish For BTC

An opposite occurrence took place in the US Bitcoin ETF market, where there was a notable influx of approximately $300 million on Monday. Consequently, the value of Bitcoin rose by almost 3% in a 24-hour span.

At present, Bitcoin is priced at $57,300. Despite undergoing a significant 20% decrease from its high of $70,000 reached within the last week, and dipping down to a low of $53,500 on Friday, it has demonstrated remarkable strength and bounced back.

As a crypto investor, I’ve noticed that the market has been experiencing significant selling pressure lately. Factors contributing to this include the ongoing repayments from the Mt. Gox bankruptcy and the large-scale Bitcoin transfers initiated by the German government for sale on exchanges.

This substantial investment into ETFs filled with Bitcoin suggests that investors aim to buy the digital currency at presumably lower prices. Their actions signify a positive outlook on the market and a bullish attitude towards Bitcoin.

According to our related publication NewsBTC, it’s worth noting that Bitcoin has generally performed well during the month of July. On average, it has yielded a return of 7.98%, while the median return stands at 9.60%. This positive trend is forecasted to persist due to encouraging macroeconomic signs and heightened anticipation surrounding Bitcoin ETFs.

Australia Approves Second Bitcoin ETF On Premier Stock Exchange

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2024-07-10 04:12