As a seasoned crypto investor with a strong background in Australian financial markets, I’m thrilled to see the approval of the first spot Bitcoin ETF on ASX. This is a significant milestone for the Australian crypto community and marks a new era of mainstream adoption.
Australia’s first Bitcoin exchange-traded fund (ETF) is set to begin trading on the ASX stock exchange next week, making it the latest addition to the list of spot Bitcoin ETFs in the United States and Hong Kong. This development is anticipated to significantly increase crypto adoption in Australia as the desire for cryptocurrencies continues to surge.
VanEck Bitcoin ETF To List on ASX
The Australian Securities Exchange gave its blessing for the debut of VanEck’s Bitcoin Exchange-Traded Fund (ETF). Starting from June 20, this fund will be listed on the ASX, which is Australia’s main securities exchange, using the ticker symbol VBTC. This marks the first ETF in Australia that follows the real-time value of Bitcoin.
“Arian Neiron, CEO of VanEck Asia-Pacific region, acknowledged the growing interest in Bitcoin as a new investment class among financial advisors and investors. The Bitcoin ETF by VanEck provides a convenient and familiar way to invest in this digital currency through a regulated and transparent fund.”
Andrade, ASX’s investment products manager, Andrew Campion, expressed excitement over Australia’s first Bitcoin Spot ETF gaining approval. He shared that financial advisors and investors have shown robust demand for Bitcoin investment, despite cryptocurrencies’ polarized opinions. “The rebound in cryptocurrency prices,” he explained, “has led to a surge of interest within the past year, ultimately resulting in the approval.”
How Other Bitcoin ETFs Performed in Australia
As an analyst, I’ve observed that Australia has introduced several Bitcoin-related Exchange-Traded Funds (ETFs) within the past two years. Among these, Global X’s Bitcoin ETF stood out as the top performer in the Australian market during the previous 12 months. Based on data from Morningstar, this ETF delivered an impressive return of 153.5 percent. The substantial growth can be attributed to the robust performance of the broader crypto market.
An Australian investment firm named Monochrome Asset Management introduced a Bitcoin ETF in monochromatic form on June 4 at CBOE Australia. Additionally, BetaShares Holdings Pty and DigitalX Ltd are preparing for listings on the primary Australian stock exchange as Bitcoin’s popularity grows. (Paraphrased) An Australian investment firm called Monochrome Asset Management debuted a Bitcoin ETF with a single-color theme on June 4 at CBOE Australia. Meanwhile, BetaShares Holdings Pty and DigitalX Ltd are gearing up for launches on the major Australian stock exchange as interest in Bitcoin increases.
The United States Securities and Exchange Commission (SEC) granting approval for 10 Bitcoin Spot Exchange-Traded Funds (ETFs) has sparked interest in Hong Kong, Australia, South Korea, and other countries to pursue similar approvals and introduce their own Bitcoin Spot ETFs, which reflect the real-time value of Bitcoin.
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2024-06-15 11:50