VanEck’s Spot Bitcoin ETF Lists on Australia’s Largest Stock Exchange

adminJune 21, 2024

VanEck’s Spot Bitcoin ETF (VBTC) has officially launched on the Australian Stock Exchange (ASX), Australia’s largest stock market. The ETF was approved earlier this week and is now available for trading, giving Australian investors a simple and safe way to gain exposure to Bitcoin.

New: VanEck’s Seat #Bitcoin ETF officially listed on Australia’s largest stock exchange 🇦🇺 pic.twitter.com/m0gehtEd70
— Bitcoin Magazine (@BitcoinMagazine) June 20, 2024

“ASX welcomes VBTC to the exchange!” announced ASX. “Congratulations to the VanEck Australia team on launching the first cryptocurrency ETF on the ASX.”

The launch of VanEck’s Bitcoin ETF on the ASX provides a more accessible option for investors who prefer traditional stock exchanges over cryptocurrency exchanges. This ETF, which carries a 0.59% management fee, allows investors to gain exposure to Bitcoin without holding BTC directly, reducing the complexity and risk associated with direct ownership.

“While it has been possible to trade Bitcoin through cryptocurrency exchanges, trading units exposed to Bitcoin through an ETF on an exchange like the ASX means you can buy and sell those units through a traditional brokerage account, a process and opening up trading opportunities to more Australians,” said Andrew Campion, General Manager, Investment Products and Strategy, ASX.

Earlier this month, Monochrome Asset Management’s Bitcoin ETF began trading on the Cboe Australia exchange and has so far purchased over 54 bitcoins worth AUD 5.3 million.