Australia’s largest stock market, the Australian Securities Exchange (ASX), approved listing the first Bitcoin exchange-traded fund (ETF) on its platform on June 20. The issuer will be VanEck, and the instrument will be dubbed the VanEck Bitcoin ETF (VBTC).
BREAKING: ?? Australia’s largest stock exchange, ASX has approved its first spot #Bitcoin ETF. pic.twitter.com/M4kApaqfhW
— Bitcoin Magazine (@BitcoinMagazine) June 17, 2024
The decision of the leading Australian stock exchange came after the success of Bitcoin ETFs in the United States, where 11 such instruments have been listed since January. Hong Kong also launched Bitcoin ETFs following the US.
Arian Neiron, CEO and Managing Director at VanEck Asia Pacific, said, “The demand for access to Bitcoin via a listed vehicle traded on ASX has been increasing, and many of our clients have told us that their clients are already positioned to have an allocation ready to invest.”
Australia already had spot Bitcoin ETFs, and the first to debut in Australia was the Global X 21 Shares Bitcoin ETF (EBTC), which launched in April 2022. Most recently, the Monochrome Bitcoin ETF (IBTC) was approved and began trading on June 4 on Australia’s second-largest stock exchange, the Cboe Australia exchange.
The arrival of a Bitcoin ETF on Australia’s main exchange is a significant milestone. As the country’s largest stock exchange, the ASX brings greater visibility, credibility, and access to Bitcoin exposure for both institutional and retail investors.
These approvals indicate a growing acceptance and interest in Bitcoin investment products within the Australian market and worldwide, and most countries will likely follow suit.