Key Points
- The Australian Securities Exchange (ASX) has listed its first spot Bitcoin exchange-traded fund (ETF).
- The VanEck Bitcoin ETF will allow investors to gain exposure to Bitcoin through a traditional brokerage account.
The VanEck Bitcoin ETF, the first spot Bitcoin ETF, has been listed on the Australian Securities Exchange (ASX).
The ETF, trading under the ticker symbol VBTC, had net assets totaling approximately 982,850 AUD ($655,560) as of Wednesday, according to VanEck.
Investing in Bitcoin Made Easier
The VanEck Bitcoin ETF operates as a feeder fund, enabling investors to gain exposure to Bitcoin by investing in the U.S.-listed VanEck Bitcoin Trust (HODL).
Andrew Campion, general manager of investment products and strategy at ASX, stated that the new ETF will simplify the process of investing in Bitcoin and make it accessible to more Australians.
ASX is a leading equity exchange in Australia, handling approximately 80% of local trades. The exchange had a domestic market capitalization of $2.6 trillion as of May.
More Bitcoin ETFs on the Horizon
Earlier this year, it was revealed that ASX is planning to list its first batch of Bitcoin ETFs this year. Several issuers, including local ones like BetaShares and DigitalX, have submitted applications.
Australia’s second-largest stock exchange, Cboe Australia, approved the Monochrome Bitcoin ETF (IBTC) earlier this month. Australian investors have already been trading spot Bitcoin ETFs, such as the Global X 21Shares Bitcoin and Ethereum ETFs listed on Cboe in April 2022.
The U.S. launched its first spot crypto ETFs in January. The 11 spot Bitcoin funds in the U.S. have since accumulated $56.06 billion in total net assets, surpassing pre-launch predictions. In April, Hong Kong also introduced spot ETFs for Bitcoin and ether, which have gathered total net assets worth over $1.38 billion.
