Australia’s largest stock exchange approves first Bitcoin ETF

The Australian Stock Exchange (ASX), Australia’s largest stock market, approved the listing of the first Bitcoin exchange-traded fund (ETF) on its platform on June 20. The issuer will be VanEck and the product will be called VanEck Bitcoin ETF (VBTC). ).

BREAKING NEWS: 🇦🇺 ASX, Australia’s largest stock exchange, approves first position. #Bitcoin ETF. pic.twitter.com/M4kApaqfhW

— Bitcoin Magazine (@BitcoinMagazine) June 17, 2024

The decision by Australia’s main stock exchange comes after the success of Bitcoin ETFs in the United States. In the United States, 11 such products have been listed since January. Hong Kong also followed the United States in launching a Bitcoin ETF.

Arian Neiron, CEO and Managing Director of VanEck Asia Pacific, said: “We are seeing increasing demand to access Bitcoin through ASX-listed vehicles, with many of our clients saying they are already in a position to receive their allocations and are ready to invest.”

There were already spot Bitcoin ETFs in Australia, the first to debut in Australia was the Global X 21 Shares Bitcoin ETF (EBTC), which launched in April 2022. Most recently, the Monochrome Bitcoin ETF (IBTC) was approved and began trading on June 4th. It is located on the Cboe Australia Exchange, Australia’s second largest stock exchange.

The arrival of a Bitcoin ETF on a major Australian exchange is a significant milestone. As the country’s largest stock exchange, ASX provides both institutional and retail investors with greater visibility, credibility, and access to Bitcoin exposure.

These approvals signal growing acceptance and interest in Bitcoin investment products in the Australian market and globally, with most countries likely to follow suit.