Australia’s Largest Stock Exchange Launches VanEck’s Spot Bitcoin ETF
Australia’s largest stock exchange has introduced its first spot Bitcoin exchange-traded fund (ETF) on Thursday, marking a growing interest in easy cryptocurrency investments globally.
The VanEck Bitcoin ETF (VBTC) debuted on the Australian Securities Exchange (ASX), a significant player in the country’s equity market. The ASX greenlit the listing earlier this week.
On its first day, VBTC saw a 1% increase from its opening price, closing at A$20.06 ($13.4) after trading 99,791 shares. This ETF acts as a feeder fund, offering exposure to Bitcoin by investing in the company’s Bitcoin Trust (HODL), a U.S.-listed ETF on Cboe.
While this launch comes after U.S.-listed spot Bitcoin products and the recent introduction of similar products in Hong Kong, VBTC is not the first Bitcoin offering for Australian investors.
Monochrome Asset Management’s Monochrome Bitcoin ETF (IBTC) went live on June 4 on the Cboe Australia exchange, a smaller competitor to ASX. IBTC directly holds Bitcoin and has been trading an average of around 55,000 units daily with cash volumes of about A$550,000.
These two ETFs collectively signal a wave of Bitcoin ETFs entering Australia, as reported by the Australian Financial Review.
In a related development, Franklin Templeton, a global investment management company, expressed interest in Bitcoin non-fungible tokens (NFTs) as part of their strategy.
The introduction of these ETFs marks a significant step in providing Australian investors with easier access to Bitcoin investments. This move aligns with the increasing demand for cryptocurrency exposure and investment opportunities worldwide.
