BTC
by BSCN
July 9, 2024
The approval follows the recent launch of VanEck’s spot Bitcoin ETF, highlighting the growing acceptance and maturation of digital assets within Australia's traditional financial ecosystem.
Australia is set to expand its cryptocurrency investment landscape with the launch of its second Bitcoin spot exchange-traded fund (ETF). DigitalX, a leading digital asset firm, has secured regulatory approval to list its Bitcoin ETF on the Australian Securities Exchange (ASX) and would trade under the ticker “BTXX.”
The DigitalX Bitcoin ETF offers ASX customers direct access to Bitcoin through a regulated and liquid fund structure.
“It is exciting to see the growth and development of the digital assets markets reflected in this approval,” said DigitalX’s chair, Toby Hicks.
The ETF is issued in partnership with K2 Asset Management and Canadian digital assets company 3iQ, known for launching some of the first crypto ETFs in Toronto in 2021.
“Offering the DigitalX Bitcoin ETF to the Australian market is a watershed moment for DigitalX, and for the Australian digital asset investment market overall,” said Digital CEO, Lisa Wade.
On June 15, the ASX approved VanEck's spot Bitcoin ETF, which began trading on June 20. The VanEck Bitcoin ETF (VBTC) saw $1.3 million in volume on its first trading day, a figure considerably lower than the $450 million daily average witnessed by the nine US-based spot Bitcoin ETFs during their initial ten trading days.
However, Australian investors now have more opportunities to engage with Bitcoin through regulated financial products, reducing the complexities associated with direct cryptocurrency investments.
Data from the cryptocurrency exchange Kraken indicates that Bitcoin remains the most traded cryptocurrency among Australian investors.
An analysis of millions of Australian wallets on Kraken between May 2023 and May 2024 revealed that Bitcoin accounted for approximately 27.07% of all trading volumes in Australia. This figure is slightly above the global average of 26.46%.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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