DigitalX, an Australia-based asset manager focused on blockchain, has been granted approval to list its Australian spot Bitcoin ETF on the ASX. The ETF will be floated on the market under the symbol BTXX and will commence trading operations on July 12 at 10 a.m. local time.
This development makes it the second Bitcoin ETF in Australia to be approved since VanEck’s approval in June.
DigitalX CEO, Lisa Wade, described the approval as a significant milestone for the firm. Wade stated, “The DigitalX Bitcoin ETF offers ASX customers direct access to Bitcoin via a regulated and liquid fund structure.”
DigitalX’s chairman, Toby Hicks, highlighted the growth and evolution of the digital asset market in Australia, emphasizing that the approval reflects this dynamic development.
DigitalX has teamed with K2 Asset Management, which will serve as the ETF’s responsible organization and issuer. DigitalX has also collaborated with 3iQ, a cryptocurrency-focused investment business, to market and sell the product in Australia and beyond to ensure a broad reach and strong market presence for the BTXX ETF.
The launch of BTXX follows closely on the heels of VanEck’s spot Bitcoin ETF, which started trading on the ASX on June 20. VanEck’s ETF, trading under the ticker VBTC, recorded a trading volume of $1.3 million on its first day.
This amount is significantly lower than the $450 million daily average volume that the nine US-based spot Bitcoin ETFs experienced during their initial trading days.
Additionally, Australian fund manager Betashares is also pursuing a Bitcoin ETF on the ASX. An April report by Bloomberg indicated Betashares’ intent, suggesting a growing interest and competition in the Australian Bitcoin ETF market.
The launch of DigitalX’s Bitcoin ETF is a big step toward expanding Bitcoin investing choices on the ASX. With strategic alliances and regulatory permission, DigitalX plans to provide investors with a regulated and accessible way to invest in Bitcoin, a move highlighting the growing integration of digital assets.
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