Crypto enthusiasts in Australia have something to cheer about as the Australian Securities Exchange (ASX), the country’s largest stock exchange, finally gave the nod to its first spot Bitcoin exchange-traded fund (ETF). With this move, investors now have easier access to Bitcoin through traditional investment channels.
VanEck’s VBTC ETF Set to Debut on June 20th
According to a Bloomberg report, VanEck, the renowned investment firm, will be the issuer behind this historic ETF, which is named the VanEck Bitcoin ETF (VBTC). It might be worth noting, however, that VanEck is not new to this ETF business. Notably, this approval comes months after VanEck successfully launched its spot Bitcoin ETF, the VanEck Bitcoin Trust (HODL), in the United States in January 2024.
Meanwhile, Arian Neiron, VanEck’s Asia-Pacific CEO, has hinted at why the firm applied in the first place. According to him, there’s a growing demand for regulated and familiar avenues to invest in Bitcoin within Australia. So, it has become a necessary venture.
In a statement, the CEO explained that the VBTC fund will remove barriers such as that which makes investors hesitant about directly purchasing or safeguarding crypto due to their unfamiliarity with its technicalities. Neiron’s statement reads partly:
“VBTC simplifies the process by managing the complexities of acquiring, storing, and securing Bitcoin.”
Australia Catches Up to the Rest of the World in Terms of Crypto
While VBTC marks a first for the ASX, it’s not the first time a Bitcoin ETF will be made available in Australia. At least two other funds have been floated in the region over the past two years.
Firstly, Global X 21 Shares Bitcoin ETF (EBTC) debuted as the very first Bitcoin ETF product offered in Australia. That was in April 2022. More recently, Monochrome Bitcoin ETF (IBTC) launched on June 4th, 2024, albeit on Australia’s second-largest stock exchange, the Cboe Australia exchange.
For what it’s worth, the arrival of VBTC on the ASX is an undeniable signal that crypto adoption in Australia, while currently gathering momentum, might be on its way to explode.
Bloomberg also reported that other potential issuers eyeing approval and listing from ASX include BetaShares Holdings Pty. and DigitalX Ltd.
