Australia’s ASX has given the green light to VanEck’s spot Bitcoin ETF, making it the first of its kind in the country and a major development in the crypto market Down Under. Set to launch on June 20th, this ETF will provide investors with direct exposure to Bitcoin through the VanEck Bitcoin Trust (HODL), listed on the Cboe BZX Exchange in the US.
VanEck, a leading player in the ETF space, has emphasized that their Bitcoin ETF will offer Australian investors the most cost-effective option for accessing the cryptocurrency. Arian Neiron, VanEck’s CEO for the Asia-Pacific region, highlighted the growing demand for Bitcoin exposure in Australia, noting that the VBTC ETF will simplify the process of acquiring, storing, and securing digital assets for investors and advisers.
The approval of this ETF comes at a time when the Australian market is heating up, with other players like BetaShares Holdings Pty and DigitalX Ltd. gearing up to introduce their own spot Bitcoin and Ethereum funds on the ASX. BetaShares, in particular, plans to launch spot Ethereum and Bitcoin ETFs to cater to the increasing demand for diverse digital asset investments.
In Australia, ETF approvals require the green signal from both the Australian Securities & Investments Commission (ASIC) and the exchange where the product will be listed. VanEck, with its expertise and track record in securing approvals for spot Bitcoin ETFs in the US and Europe, aims to meet the high expectations set by the market after the US approved its first spot Bitcoin ETFs earlier this year.
Recent data from CoinShares shows significant outflows from digital asset investment products, particularly from Bitcoin, amidst a hawkish FOMC meeting. However, altcoins like Ethereum, Lido (LDO), and XRP saw inflows during this period, indicating investor interest in diversification beyond Bitcoin in response to market volatility.
As of now, Bitcoin is trading at $65,174, experiencing a 1% drop in the past 24 hours and a nearly 6% decrease in the past seven days. The approval of the VBTC ETF on the ASX is expected to have a significant impact on the market, potentially influencing Bitcoin’s price and attracting more investor interest.
