VanEck’s Spot Bitcoin ETF Goes Live on Australia’s Biggest Stock Exchange
-
The VanEck Bitcoin ETF, which offers Australians a way of investing in bitcoin through exposure to the company’s U.S. equivalent, debuted on Thursday.
-
The start of trading, weeks after an ETF from Monochrome Asset Management listed on a smaller exchange, is a sign the global BTC ETF wave has arrived in the country.
45:11
Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access
08:42
Bitcoin Ecosystem Developments in 2023 as BTC Hits Fresh 2023 High
01:10
Bitcoin Extends Rally as $1B in BTC Withdrawals Suggests Bullish Mood
1:02:43
Why Financial Advisors Are So Excited About a Spot Bitcoin ETF
Australia’s biggest equity exchange listed its first spot-bitcoin (BTC) exchange-traded fund (ETF) on Thursday as demand for an easy way of investing in cryptocurrencies gathers pace worldwide.
The VanEck Bitcoin ETF (VBTC) went live on the Australian Securities Exchange (ASX), which accounts for 90% of the country’s equity market. The exchange approved the product listing earlier this week.
VBTC rose 1% from its opening price to end the day at A$20.06 ($13.4) after trading 99,791 shares. The ETF is a feeder fund that provides exposure to bitcoin by investing in the company’s Bitcoin Trust (HODL), a U.S. ETF listed on Cboe.
While the start of trading comes about six months after spot bitcoin products listed in the U.S., and about seven weeks after they debuted in Hong Kong, the product is not the first to offer bitcoin to Australian investors.
Monochrome Asset Management’s Monochrome bitcoin ETF (IBTC) went live on June 4 on the Cboe Australia exchange, a smaller rival of ASX. Unlike VBTC, the fund holds bitcoin directly. Since its launch, IBTC has traded an average of around 55,000 units a day on daily average cash volumes of about A$550,000.
Together the two exchange-traded funds signal a bitcoin ETF wave arriving in Australia, according to the Australian Financial Review.
Edited by Sheldon Reback.
Disclosure
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
CoinDesk is an
award-winning
media outlet that covers the cryptocurrency industry. Its journalists abide by a
strict set of editorial policies.
In November 2023
, CoinDesk was acquired
by the Bullish group, owner of
Bullish,
a regulated, digital assets exchange. The Bullish group is majority-owned by
Block.one; both companies have
interests
in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.