A Spot Bitcoin ETF Will Go Live on Australia’s ASX This Month
Key Takeaways
- The ASX approved its first spot Bitcoin ETF, the VanEck Bitcoin ETF (VBTC), which will start trading on June 20.
- The Monochrome Bitcoin ETF (IBTC) began trading on June 4 on the Cboe Australia exchange.
- Australia’s first Bitcoin ETF launched in April 2022 with the Global X 21 Shares Bitcoin ETF (EBTC).
YEREVAN (CoinChapter.com) — The Australian Securities Exchange (ASX) has approved its first spot Bitcoin exchange-traded fund (ETF), the VanEck Bitcoin ETF (VBTC), which will begin trading on June 20. VanEck highlighted the growing demand for Bitcoin investment options in Australia.
Arian Neiron, VanEck‘s CEO in the Asia-Pacific region, said,
“We recognize Bitcoin as an emerging asset class that many advisers and investors want to access.”
“VBTC also makes bitcoin more accessible by managing all the back-end complexity. Understanding the technical aspects of acquiring, storing and securing digital assets is no longer necessary,”
he added.
Australia’s Bitcoin ETF Developments
Although this is the first time a spot Bitcoin ETF has been approved by the ASX. However, there have been two previous instances of Bitcoin ETFs launching in Australia in the past two years.
The Monochrome Bitcoin ETF (IBTC) was recently approved and began trading on June 4 on Australia’s second-largest stock exchange, the Cboe Australia exchange.
Monochrome stores IBTC’s holdings offline on a device not connected to the internet using a crypto custody solution that complies with Australian institutional custody regulatory standards.
Australia’s Bitcoin ETF Milestones
Australia’s journey with Bitcoin ETFs began in April 2022 with the Global X 21 Shares Bitcoin ETF (EBTC), the country’s first Bitcoin ETF. The VanEck Bitcoin ETF’s approval on the ASX is part of a global trend toward more Bitcoin ETFs.
Read More about Australia’s crypto-related bans in recent history
The Australia listing coincides with US Bitcoin ETFs, including those from BlackRock Inc., Fidelity Investments, and VanEck, $58 billion this year. In contrast, Hong Kong approved spot ETFs for Bitcoin and Ether in April, but they have attracted much less interest than their US counterparts.
The VanEck Bitcoin Trust (HODL) in the United States started trading on Jan. 11.
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