ETFs

VanEck’s Spot Bitcoin ETF Launches on Australia’s Largest Exchange

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  • The VanEck Bitcoin ETF, which offers Australians a way to invest in bitcoin through exposure to the company’s US equivalent, debuted on Thursday.

  • The start of trading, weeks after a Monochrome Asset Management ETF was listed on a smaller exchange, is a sign that the global wave of BTC ETFs has arrived in the country.

Australia’s largest stock exchange listed its first spot-bitcoin {{BTC}} exchange-traded fund (ETF) on Thursday, as demand for a simple way to invest in cryptocurrencies accelerates in the whole world.

The VanEck Bitcoin ETF (VBTC) was posted online on the Australian Securities Exchange (ASX), which counts for 90% of the country’s stock market. The exchange approved the product listing earlier this week.

VBTC rose 1% from its opening price to end the day at A$20.06 ($13.4) after trading 99,791 shares. The ETF is a feeder fund that provides exposure to bitcoin by investing in the company’s Bitcoin Trust (HODL), a US ETF listed on Cboe.

While the start of trading comes around six months after Bitcoin spot products listed in the United Statesand about seven weeks later debuted in Hong Kongthe product is not the first to offer bitcoin to Australian investors.

Monochrome Asset Management’s Monochrome Bitcoin ETF (IBTC) went live on June 4 on the Cboe Australia exchange, a smaller rival to the ASX. Unlike VBTC, the fund directly holds Bitcoin. Since its launch, IBTC has exchanged an average of approximately 55,000 units per day on average daily cash volumes of approximately AUD 550,000.

Together, the two exchange-traded funds report a Bitcoin ETF Wave Coming to Australiaaccording to the Australian Financial Review.

Learn more: Australian Securities Exchange gives first approval for Bitcoin spot listing to VanEck

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