Australia Set to Launch Second Bitcoin ETF on ASX

Perth-based DigitalX, a crypto fund manager, has received regulatory approval to list its spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX). The DigitalX spot Bitcoin ETF, known as BTXX, will be the second such offering on the ASX after VanEck’s listing in June. This ETF will provide ASX customers direct access to Bitcoin through a regulated and liquid fund structure, according to DigitalX CEO Lisa Wade.

Trading for the DigitalX spot Bitcoin ETF is set to begin on Thursday at 8:00 pm ET, with K2 Assessment Management serving as the Responsible Entity and Issuer. The ETF will be promoted and distributed domestically and internationally by digital asset investment firm 3iQ and DigitalX.

The ASX is a preferred exchange for investors due to its liquidity and broad acceptance, accounting for about 80% of Australia’s equities trading volume. Listing an ETF on the ASX involves meeting regulatory requirements, financial standards, and compliance with exchange rules.

Unlike VanEck’s Bitcoin ETF, which invests in the VanEck Bitcoin Trust (HODL) listed on the Cboe exchange, DigitalX’s BTXX is not tied to U.S. politics. This independence from U.S. regulations ensures that Australian investors are insulated from U.S. developments, as the BTXX ETF complies solely with Australia’s domestic rules.

Australia has seen previous ETF listings, with Global X 21Shares’ Bitcoin ETF (EBTC) launching on Cboe Australia in April 2022. Monochrome Asset Management’s IBTC was listed on Cboe Australia in June this year. These listings mark Australia’s growing interest in crypto ETF offerings.

DigitalX’s spot Bitcoin ETF listing on the ASX signifies the country’s continued embrace of digital assets and the growing trend of crypto investment opportunities within the Australian market.