The Australian Securities Exchange has approved the VanEck Bitcoin ETF, which will begin trading on June 20.
The Australian Securities Exchange (ASX), the third-largest stock exchange in Australia, has authorized the trading of its inaugural spot Bitcoin exchange-traded fund (ETF) on June 20.
VanEck, an investment firm, will be the issuer of the VanEck Bitcoin ETF (VBTC), a spot Bitcoin ETF.
It comes mere months after the organization was approved to commence trading spot Bitcoin ETFs, specifically the VanEck Bitcoin Trust (HODL), in the United States on January 11.
Arian Neiron, Chief Executive Officer of VanEck in the Asia-Pacific region, reaffirmed that there is a rising desire for Bitcoin exposure in Australia, particularly through a “regulated, transparent, and familiar investment vehicle.”
“We recognize Bitcoin is an emerging asset class that many advisers and investors want to access,” Neiron said.
“VBTC also makes bitcoin more accessible by managing all the back-end complexity. Understanding the technical aspects of acquiring, storing and securing digital assets is no longer necessary,” he added.
The ASX has approved a spot Bitcoin ETF for the first time; however, there have been two other instances in which Bitcoin ETFs have been launched in Australia within the last two years.
The Monochrome Bitcoin ETF (IBTC) was recently approved and commenced trading on the Cboe Australia exchange, the second largest stock exchange in Australia.
The Monochrome Bitcoin ETF commenced trading on the Cboe Australia exchange upon the market’s opening on June 4.
Monochrome stated that IBTC’s holdings are stored offline in a device that is not connected to the internet and is equipped with a crypto custody solution that complies with “Australian institutional custody regulatory standards.”
The Global X 21 Shares Bitcoin ETF (EBTC) was the first Bitcoin ETF product to hit the Australian market in April 2022.