Australia Spot Bitcoin ETF To Start Trading On ASX Stock Exchange

full version at coingape

Australia’s first spot Bitcoin exchange-traded fund (ETF) to commence trading on ASX stock exchange next week, joining the spot Bitcoin ETF club with the United States and Hong Kong. This is expected to boost crypto adoption in Australia as demand for cryptocurrencies continues to grow.

VanEck Bitcoin ETF To List on ASX

Australian Securities Exchange approved the first spot Bitcoin ETF. VanEck Bitcoin ETF will list on ASX, Australia’s primary securities exchange, under the ticker VBTC on Thursday, June 20. This will be the first Bitcoin ETF tracking the spot price of Bitcoin.

“We recognize Bitcoin is an emerging asset class that many advisers and investors want to access,” said Arian Neiron, CEO of VanEck Asia-Pacific region. “The VanEck Bitcoin ETF offers exposure to Bitcoin using a regulated, transparent and familiar investment vehicle,” he added.

ASX’s general manager of investment products Andrew Campion also responded the approval of Australia’s first spot Bitcoin ETF. He revealed advisers and investors have shown huge demand for investing in Bitcoin, despite mixed sentiments on cryptocurrencies. “The recovery of cryptocurrency prices, we’ve had a fair bit of interest over the last 12 months, and that’s culminated in the approval.”

Also Read: Crypto Stocks Attempt Weekly Rebound, Bitcoin Miners Decline

How Other Bitcoin ETFs Performed in Australia

Australia has listed other Bitcoin-related ETF in the last two years. Global X’s bitcoin ETF was the best-performing listed ETF in Australia in the 12 months, with a return of 153.5 percent, according to Morningstar. The return was driven by strong gains in the broader crypto market.

Monochrome Bitcoin ETF managed by the Australian investment firm Monochrome Asset Management was launched on June 4 on CBOE Australia. Meanwhile, BetaShares Holdings Pty and DigitalX Ltd are also lined up for listings on the main Australian stock exchange as demand for Bitcoin rises.

U.S. SEC’s approval for 10 spot Bitcoin ETFs led Hong Kong, Australia, South Korea, and other countries to consider approving and launching spot Bitcoin ETFs tracking real-time spot price of Bitcoin.

Also Read: XRP Whale Strategically Bags 27M Coins Amid Price Dip Hinting Price Gains Ahead

The post Australia Spot Bitcoin ETF To Start Trading On ASX Stock Exchange appeared first on CoinGape.