First Bitcoin ETF to Debut on Australia's Bourse in Global Surge
Exchange operator ASX Ltd., which handles the majority of Australia's stock trading, has officially approved the VanEck Bitcoin ETF, set to be listed this Thursday.
This marks the first time an exchange-traded fund directly investing in Bitcoin will be listed on Australia's primary stock market, continuing a global trend following similar launches in the US and Hong Kong.
"We recognize Bitcoin as an emerging asset class that many advisers and investors want to access," said Arian Neiron, Chief Executive Officer for VanEck in the Asia-Pacific region, in a statement. The ETF offers exposure to Bitcoin "using a regulated, transparent, and familiar investment vehicle," he added.
Growing Interest in Bitcoin ETFs
The Australian listing comes at a time when $58 billion has been amassed by Bitcoin ETFs in the US this year, including products from BlackRock Inc. and Fidelity Investments as well as VanEck. While Hong Kong allowed spot ETFs for Bitcoin and the Ether token in April, they have seen significantly less interest compared to US offerings.
Local Players Join the Fray
Sydney-based BetaShares Holdings Pty and DigitalX Ltd., another local entity, are also preparing to list their ETFs on Australia's main stock exchange. Two years ago, an initial round of Bitcoin ETFs launched in Australia on CBOE Australia, the country’s secondary market.
The initial phase had mixed success, but now there are growing expectations that this trend will gain momentum due to the higher profile of the primary exchange and the rally in the largest digital asset over the past year.
In conclusion, the debut of the VanEck Bitcoin ETF on the Australian bourse signifies a notable step forward in the acceptance and mainstream adoption of cryptocurrencies as legitimate investment assets.
