In an epic milestone for Bitcoin exchange-traded funds, the VanEck Bitcoin ETF is listed on the main stock exchange operated by ASX Ltd.
In an epic milestone for Bitcoin exchange-traded funds, the VanEck Bitcoin ETF is listed on the main stock exchange operated by ASX Ltd.
This is the first time a Bitcoin exchange-traded fund (ETF) has been listed on Australia’s main stock market, reflecting the growing acceptance and integration of digital assets into major financial markets.
The ETF made its debut on Thursday, backed by an initial investment of approximately A$985,000, or A$985,000, which translates to US$657,000.
This debut is significant for Australia and an important step 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 to the $647 million VanEck Bitcoin Trust in the United States. This structure allows the Australian ETF to invest in a larger US-based trust, giving investors exposure to the same underlying Bitcoin assets managed by VanEck.
Tomiwabold OlajideThe debut of VanEck’s Bitcoin ETF on the ASX is likely to have a ripple effect on Australian financial markets. It may encourage other asset managers to take similar routes for their crypto ETFs, thereby expanding the range of investment options available to Australian investors.
According BloombergSydney-based BetaShares Holdings Pty and DigitalX Ltd., another local player, are also preparing to list on Australia’s main board, ASX.
US Bitcoin ETFs debuted in January and have now amassed $56 billion in assets. Hong Kong allowed spot ETFs for Bitcoin and Ether in April, and they have attracted a fraction of the interest from US vehicles.
Bitcoin had risen 0.65% in the last 24 hours at the time of writing to $65,610.
