The Australian Securities Exchange has approved the listing of its first spot-bitcoin ETF.
VanEck Australia’s product will roll out on June 20 and will be the first of its kind to be listed on the exchange in the nation, the issuer said.
As a crypto investor with experience in the Australian market, I’m thrilled to hear that the Australian Securities Exchange (ASX) has approved the listing of VanEck’s spot-bitcoin ETF. This is an exciting development for the Australian crypto community, as we have been eagerly anticipating the launch of a Bitcoin ETF on a major exchange in the country.In a blog post by the issuer VanEck, it was announced that the Australian Securities Exchange (ASX) has given its approval for the first bitcoin (BTC) exchange-traded fund (ETF) in Australia. The ASX is responsible for approximately 90% of the country’s equity market activity.
As a crypto investor, I’m excited to share that VanEck has announced plans to launch the first Bitcoin Exchange-Traded Fund (ETF) on the Australian Securities Exchange (ASX) on June 20th. Not only will this be Australia’s first Bitcoin ETF, but it’s also promised to be the lowest cost option available in the market down under. VanEck had previously submitted an application for this product back in February.
As an analyst, I’ve come across recent reports indicating that DigitalX Ltd. submitted its application for approval to the ASX back in February. Additionally, BetaShares, based in Sydney, has been working diligently to introduce a product on the ASX. These developments are noteworthy as they may signify an earlier-than-expected launch of the first batch of spot bitcoin ETFs on the ASX, according to earlier Bloomberg reports. This could potentially mean that the ASX will approve these ETFs before the end of 2024.
As an analyst, I’d rephrase it as follows: In contrast to the U.S., Australian firms must obtain approval from two entities before launching a product: the Australian Securities & Investments Commission (ASIC) and the exchange. ASIC confirmed to CoinDesk in May that DigitalX Ltd., VanEck, and BetaShares possess the necessary license or are collaborating with a company that does.
As a researcher, I’ve recently come across an interesting development in the Australian Bitcoin Exchange-Traded Fund (ETF) market. Early this month, Monochrome Asset Management’s Monochrome Bitcoin ETF (IBTC) secured approval from Cboe Australia exchange, making it the first and only ETF in Australia to directly hold bitcoin.
In spite of the obstacles that need to be overcome in Australia, such as regulatory and exchange regulations, as well as obtaining approval from the Australian Securities and Investments Commission (ASIC), VanEck plans to pioneer the introduction of the first Bitcoin Exchange-Traded Fund (ETF) for investors in the ASX market.
Australian industry insiders shared with CoinDesk their heightened anticipation for a bitcoin spot exchange-traded fund (ETF) to debut on ASX, Australia’s larger stock exchange, over Cboe Australia. The reasoning behind this preference stems from the greater trading volumes accessible on ASX. Consequently, ASX’s initial approval of a VanEck ETF could significantly boost crypto’s credibility and that of associated ETFs in the region.
Following the US’s approval of bitcoin Spot ETFs in January, there has been considerable anticipation that countries in the Asia-Pacific region will follow suit and authorize similar products. This move is part of their ongoing goal to establish themselves as significant crypto centers on the global stage.
VanEck indicated that as an approved provider of a bitcoin exchange-traded fund (ETF) in the US, with comparable offerings in Europe, they aim to utilize their worldwide knowledge and resources to deliver a top-tier cryptocurrency investment option for Australian investors.