ASX Approves Australia's First Spot Bitcoin ETF, Set to Begin Trading on June 20
Summary:
Australia's largest stock exchange, the Australian Securities Exchange (ASX), has approved its first spot Bitcoin Exchange-Traded Fund (ETF), to be issued by investment firm VanEck and set to start trading on June 20. This comes after similar approvals in the United States and Australia, evident of burgeoning interest in Bitcoin exposure especially through a regulated, transparent and familiar investment channel.
The Australian Securities Exchange (ASX), the biggest share market in the country, has given the green light to the first spot Bitcoin exchange-traded fund (ETF). The ETF is anticipated to kick off trading on the 20th of June. The issuer of the spot Bitcoin ETF is the investment firm, VanEck, as per a report from Bloomberg on June 14. This came not long after the company received authorisation to trade spot Bitcoin ETFs in the United States in January with the VanEck Bitcoin Trust (HODL).
Arian Neiron, the CEO of VanEck in the Asia-Pacific area, confirmed growing interest in Bitcoin in Australia, particularly via "a regulated, transparent and familiar investment channel." Neiron remarked in a statement quoted by Bloomberg that Bitcoin is a burgeoning asset class that a lot of advisors and investors wish to tap into.
Despite this being the ASX's first ever approval of a spot Bitcoin ETF, Australia has witnessed the emergence of two more Bitcoin ETFs in the last couple of years. Recently, the Monochrome Bitcoin ETF (IBTC) received authorization and it began trading on the Cboe Australia exchange, Australia’s second largest stock market, on June 4.
Monochrome disclosed that the IBTC’s holdings are held offline in a gadget that's not connected to the internet, and they conform to the "Australian institutional custody regulatory standards." In April 2022, the Global X 21 Shares Bitcoin ETF (EBTC) was the first-ever Bitcoin ETF offering to launch in Australia. VanEck was contacted for a comment by Cointelegraph, however, no response was received before the press time.
Published At
6/15/2024 6:48:39 AM
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