The Australian Securities Exchange listed the VanEck Bitcoin ETF as its first spot Bitcoin ETF, enabling investors to access Bitcoin through traditional brokerage accounts.
The VanEck Bitcoin ETF, with the ticker symbol VBTC, holds total net assets of approximately 982,850 AUD ($655,560) as of Wednesday, allowing investors to gain bitcoin exposure through its operation as a feeder fund investing in the U.S.-listed VanEck Bitcoin Trust (HODL).
Unlike previous methods reliant on cryptocurrency exchanges, VBTC operates as a feeder fund. This mechanism enables investors to access bitcoin exposure by investing in the U.S.-based VanEck Bitcoin Trust (HODL).
Andrew Campion, ASX’s general manager of investment products and strategy, highlighted the convenience brought forth by ETFs, noting that they streamline the buying and selling process through traditional brokerage accounts.
ASX, a major equity exchange in Australia overseeing approximately 80% of local trades, holds significant market influence with a domestic market capitalization of $2.6 trillion as of May.
This development follows earlier reports of ASX’s intentions to introduce its first batch of bitcoin ETFs, with applications submitted by various issuers including BetaShares and DigitalX.
Notably, Cboe Australia, the country’s second-largest stock exchange, recently approved the Monochrome Bitcoin ETF (IBTC) in June. This comes as Australian investors have already embraced spot bitcoin ETFs, with offerings like the Global X 21Shares Bitcoin and Ethereum ETFs being listed on Cboe back in April 2022.
The United States took the lead in introducing spot crypto ETFs in January, with 11 such funds amassing a staggering $56.06 billion in total net assets, surpassing initial expectations. Following suit, Hong Kong launched spot ETFs for bitcoin and ether in April, which have collectively garnered total net assets exceeding $1.38 billion.
ASX’s listing of the VanEck Bitcoin ETF signifies a significant step forward in the accessibility of digital assets for Australian investors, aligning with global trends of embracing cryptocurrency-based investment opportunities.
Also Read: Thailand SEC Approves First Bitcoin ETF For Investors
