ETFs
VanEck Launches Bitcoin ETF in Australia as Demand Grows in Asia Pacific – DL News
Shipping to Asia
- The fund manager said three-quarters of financial advisors in Australia have responded to requests from Bitcoin clients.
- The VanEck fund was listed on the Australian Stock Exchange.
- Thailand also allows Bitcoin ETFs for sophisticated investors.
In the latest sign that cryptocurrency exchange-traded funds are sweeping the Asia-Pacific region, the Australian Stock Exchange listed its first Bitcoin ETF on Thursday.
The fund, managed by VanEck under the ticker VBTC, follows the rollout of six Bitcoin and Ethereum ETFs in Hong Kong in April.
VanEck, who launched a similar product in the United States in January, said a survey showed three-quarters of financial advisors in Australia responded to client inquiries about Bitcoin.
Additionally, a third of these advisors indicated they would consider adding a Bitcoin ETF to their clients’ portfolios if they were available on the ASX, while 23 per cent remained undecided.
Permanent enthusiasm
Arian Neiron, CEO and managing director of VanEck Asia Pacific, acknowledged the controversial nature of cryptocurrency investments.
“Even though crypto investing is a polarizing topic, we recognize that Bitcoin is an emerging asset class that many advisors and investors want to access,” Neiron said.
The continued enthusiasm for cryptocurrency ETFs is not limited to Australia.
In late April, Hong Kong became the first place in Asia to launch spot ETFs for Bitcoin and Ether.
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Yet despite the excitement, the half-dozen ETFs that debuted received a lukewarm market response, which was expected given the much smaller size of the market compared to that of the United States. .
Hong Kong ETFs generated nearly $13 million in their debut, or 0.3% of the money that flowed into U.S. Bitcoin ETFs in January.
Singapore stands firm
And while countries like Singapore have firmly put an end to hopes for local crypto ETFs, other countries are also starting to approve applications.
Those who approve crypto ETFs elsewhere keep them proprietary.
The Thai Securities and Exchange Commission approved its first Bitcoin ETF, managed by One Asset Management, in early June. Another ETF from MFC Asset Management is awaiting approval.
Access to both funds will be reserved for institutions and wealthy investors.
Malaysia, while not yet offering spot ETFs, is also dabbling in digital asset investments.
Affin Bank recently launched a fund targeting digital assets, including Bitcoin, Ether and blockchain companies such as Coinbase.
But again, it’s available through the bank’s premier banking services, by invitation only.
Callan Quinn is DL News’ Asia correspondent based in Hong Kong. Contact us at callan@dlnews.com.