Australia’s very first spot Bitcoin ETF is expected to be introduced by asset manager VanEck.
The Australian Securities Exchange (ASX) authorized the VanEck Bitcoin ETF for listing on June 20, per a blog post. The Titan Money Manager said that its Bitcoin (BTC) ETF will be the most affordable in Australia.
Since 2021, VanEck has been vying for a slot Bitcoin exchange-traded fund (ETF) in Australia, becoming the first company to formally apply for such products with the ASX.
The business resubmitted its BTC ETF bid back in February, buoyed by advancements in Australian regulatory rules and success in the United States. The Australian Securities & Investments Commission (ASIC), one of two organizations, along with ASX, must approve items before listing, provided its regulatory approval is okay, according to VanEck’s most recent report.
The wealth advisor will have access to the majority of Australia’s capital market through its launch on the ASX. According to reports, the ASX is home to almost 90% of Australia’s equities portfolio. VanEck wrote:
“Like these investors, we consider the ETF vehicle is the optimal delivery mechanism for an asset class like bitcoin”
Nonetheless, investors are cautioned by the ASIC to continue being aware of the hazards involved in investing in funds that track the prices of cryptocurrencies.
Cryptocurrency ETFs and bitcoin are booming in many jurisdictions. Following the U.S.’s explosive start to the ETF life cycle, other nations are quickening their plans to incorporate cryptocurrency-backed funds and provide investors with exposure to these kinds of products.
Asia’s markets are reportedly the next major cryptocurrency center to authorize cryptocurrency exchange-traded funds (ETFs). Although there were only slight inflows of investment products to their American counterparts, Spot BTCfunds had already started in Hong Kong.
Additionally, Hong Kong has demonstrated a readiness to approve controversial cryptocurrency operations like Ethereum (ETH) staking, a move that has the potential to draw significant financial inflows into the area.
