ETFs
Bitcoin ETFs Hit Epic Milestone in Australia: Details
Tomiwabold Olajide
This is the first time for a Bitcoin exchange-traded fund (ETF) in Australia
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In an epic milestone for Bitcoin exchange-traded funds, the VanEck Bitcoin ETF was listed on the main stock exchange operated by ASX Ltd.
This is the first time a Bitcoin exchange-traded fund (ETF) has listed on Australia’s main stock market, reflecting the growing acceptance and integration of digital assets into traditional financial markets.
The ETF debuted on Thursday, backed by an initial investment of around AU$985,000, or $985,000, or US$657,000.
This debut is significant for Australia and a milestone for the global cryptocurrency market, as it provides Australian investors with direct access to Bitcoin through a regulated financial product.
The ASX-listed VanEck Bitcoin ETF is a feeder fund for the $647 million VanEck Bitcoin Trust in the United States. This structure allows the Australian ETF to invest in a larger US-based trust, providing investors with exposure to the same underlying Bitcoin assets managed by VanEck.
The debut of the VanEck Bitcoin ETF on the ASX will likely have a ripple effect across Australian financial markets. This could encourage other asset managers to take similar routes for their crypto ETFs, expanding the range of investment options available to Australian investors.
According to BloombergSydney-based BetaShares Holdings Pty and DigitalX Ltd., another local player, are also lining up to list on Australia’s main ASX board.
US Bitcoin ETFs debuted in January and have now accumulated $56 billion in assets. Hong Kong allowed spot ETFs for Bitcoin and Ether in April, and they have attracted only a fraction of the interest of U.S. vehicles.
At the time of writing, Bitcoin was up 0.65% over the past 24 hours, reaching $65,610.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.