Key Takeaways
- Australia's largest stock exchange, ASX, approves its first Bitcoin ETF.
- VanEck will issue the newly approved Bitcoin ETF, named VBTC.
- Australia already hosts Bitcoin ETFs, including EBTC and IBTC on the Cboe Australia exchange.
The Australian Securities Exchange (ASX) approved its first Bitcoin exchange-traded fund (ETF) on June 20, to be issued by VanEck and named the VanEck Bitcoin ETF (VBTC). This move follows the success of similar Bitcoin ETFs in the United States and Hong Kong. So far this year, 11 etfs have been approved in the US since January.
Arian Neiron, CEO and Managing Director at VanEck Asia Pacific, noted:
The demand for access to Bitcoin via a listed vehicle traded on ASX has been increasing, and many of our clients have told us that their clients are already positioned to have an allocation ready to invest.
Australia previously saw the launch of spot Bitcoin ETFs, with the Global X 21 Shares Bitcoin ETF (EBTC) debuting in April 2022 and the Monochrome Bitcoin ETF (IBTC) beginning trading on June 4 on Cboe Australia, the country’s second-largest stock exchange.
The introduction of the Bitcoin ETF on ASX is a landmark development, providing enhanced visibility, credibility, and accessibility to Bitcoin investments for institutional and retail investors alike.
These approvals reflect a growing acceptance and interest in Bitcoin investment products within Australia and globally, with more countries likely to follow this trend.
