Bitcoin ETF Listed on Australian Exchange Sees $1.3M Inflows on First Day
Investment management firm VanEck saw its first spot bitcoin exchange-traded fund (ETF) listed on the Australian Securities Exchange (ASX) attract $1.3 million on the first day of trading.
Trading under the ticker “VBTC” the ETF launched with Aus $982.85K ($655.56) in assets and charges a fee of 0.59%. This is the first Bitcoin ETF to launch on the main exchange in Australia.
The ETF, introduced by VanEck, allows investors to gain direct exposure to Bitcoin without needing to purchase the cryptocurrency itself.
To put things into perspective BlackRock’s new spot bitcoin ETF trading under the ticker “IBIT” saw immense trading volume on its first day worth $1 billion back in January.
“$1.3 million is a drop in the sea,” said Laurent Kssis, an independent board member of Issuance Swiss AG.
“Previous bitcoin exposure has managed to attract larger inflows for a short time when they were listed last year but all is in the naming convention. This product is now an ETF which brings more transparency and clarity to the exposure of the underlying asset, not to mention it also has cheaper management fees,” said Kssis.
The ETF veteran said overall this is good for institutional investors who have been longing for clarity and better products though ultimately the exposure is the same.
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 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.
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