First Spot Bitcoin ETF Approved by Australian Securities Exchange

Australia’s primary stock exchange, the Australian Securities Exchange (ASX), has granted approval for its inaugural spot Bitcoin exchange-traded fund (ETF), scheduled to launch on June 20.
VanEck, an investment firm, will be the provider of the spot Bitcoin ETF, known as the VanEck Bitcoin ETF (VBTC), as per a press release from VanEck shared with Cointelegraph. This development comes shortly after the company received approval to initiate trading of spot Bitcoin ETFs, specifically the VanEck Bitcoin Trust (HODL), in the United States on Jan. 11.
Arian Neiron, the Chief Executive Officer for VanEck in the Asia-Pacific region, emphasized the increasing demand for Bitcoin exposure in Australia, particularly through a “regulated, transparent, and familiar investment vehicle.”
“We understand that Bitcoin is a rising asset class that many advisors and investors are eager to tap into,” Neiron stated. “VBTC also simplifies access to Bitcoin by handling all the technical complexities behind the scenes. The need to comprehend the intricacies of acquiring, storing, and securing digital assets is no longer necessary.”
While this marks the first approval of a spot Bitcoin ETF by the ASX, there have been two previous instances of Bitcoin ETF launches in Australia within the last two years.
In recent news, the Monochrome Bitcoin ETF (IBTC) received approval and commenced trading on the Cboe Australia exchange, the country’s second-largest stock exchange. Trading for the Monochrome Bitcoin ETF began on June 4 when the markets opened on the Cboe Australia exchange.
Monochrome stated that IBTC’s holdings are securely stored offline on a device disconnected from the internet and with a crypto custody solution that adheres to “Australian institutional custody regulatory standards.”
In April 2022, the Global X 21 Shares Bitcoin ETF (EBTC) became the very first Bitcoin ETF product to launch in Australia.
As Bitcoin ETFs gain traction worldwide, the significance of their impact on the market becomes more apparent, especially as the price of Bitcoin surpasses $71,000.
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Source: Julian Fahrer