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Australia’s Largest Stock Exchange Approves First Spot Bitcoin ETF

VanEck will become the first investment firm under the ASX to offer the spot Bitcoin ETF to Australian users, starting June 20th.

Avatar image of Mishael Nwani Mishael Nwani•June 17, 2024
Spot Bitcoin ETF

Australian Securities Exchange (ASX), the largest stock exchange in Australia, has given the green light to its first spot Bitcoin ETF in collaboration with the investment company VanEck. Scheduled to commence trading on June 20, VanEck will have its ETF product, dubbed the VanEck Bitcoin ETF (VBTC), in the Oceanian country.

VanEck Expands to Australia

VanEck shared details about the announcement via its Australian X handle. The company stressed that its Bitcoin ETF would be the “lowest cost bitcoin ETF in Australia.”

The firm explained in a blog post that they began pursuing a spot Bitcoin ETF in the country in 2021. In February, the investment company resubmitted an application with the ASX. The debut of a Bitcoin ETF on Australia’s primary exchange marks a notable milestone in the Australian financial markets. As the largest stock exchange in the country, the ASX provides enhanced visibility and access to Bitcoin exposure for investors.

Highlighting the importance of the Bitcoin-backed product, VanEck Asia Pacific’s CEO and Managing Director, Arian Neiron, said:

We recognize Bitcoin is an emerging asset class that many advisers and investors want to access. VBTC also makes Bitcoin more accessible by managing all the back-end complexity. Understanding the technical aspects of acquiring, storing, and securing digital assets is no longer necessary.

Notably, VanEck already has its footprint in the United States ETF market. Since January, 11 spot Bitcoin ETFs have been listed in the U.S. VanEck’s spot Bitcoin ETF – the VanEck Bitcoin Trust (HODL) – has over half a billion dollars in BTC since its debut.

Spot Bitcoin ETF in Australia

Interestingly, other investment companies have explored the Bitcoin ETF business in Australia. Asset management Global X ETFs deployed the first spot Bitcoin ETF, dubbed Global X 21Shares Bitcoin ETF (EBTC), in Australia.

According to recent report, the Monochrome Bitcoin ETF (IBTC) was approved and started trading on June 4 on Australia’s second-largest stock exchange, CBOE Australia. Other local asset managers, such as BetaShares and DigitalX, are also gearing up to introduce their crypto-based exchange-traded funds on the ASX.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.