Australia’s First Spot Bitcoin ETF to Start Trading on ASX This Week
Investment management firm VanEck is planning to list its first spot bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) on Thursday.
This latest milestone will represent a significant step forward for both the Australian financial industry and the broader acceptance of digital currencies in mainstream investment portfolios.
The ETF, introduced by VanEck, allows investors to gain direct exposure to Bitcoin without needing to purchase the cryptocurrency itself.
This move is expected to provide a more secure and regulated avenue for Australians to invest in Bitcoin, addressing concerns about the volatility and security risks traditionally associated with direct crypto investments.
The launch follows extensive deliberation and approval processes by the Australian Securities and Investments Commission (ASIC), highlighting the regulatory body’s cautious approach to integrating digital assets into the traditional financial system.
“Bitcoin’s evolution continues to transform, with regulated access through an ETF now a reality in the US, marking a significant step in its global acceptance,” said VanEck in an announcement.
“Despite hurdles to clear in Australia, including regulatory and exchange framework challenges, along with ASIC approval, VanEck intends to lead the way in bringing the first Bitcoin ETF to ASX investors,” adds VanEck.
Australia got its Bitcoin and Ether ETFs back in 2022.
Cosmos Asset Management and 21Shares AG, in partnership with ETF Securities, listed crypto ETFs on the Chicago Board Options Exchange (CBOE).
The introduction of the spot bitcoin ETF in Australia is another critical development in bridging the gap between traditional finance and the burgeoning crypto sector.
The difference
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