Major Crypto Milestone As Australia’s Top Stock Exchange Approves Its First-Ever Spot Bitcoin ETF ⋆ ZyCrypto
The post Major Crypto Milestone As Australia’s Top Stock Exchange Approves Its First-Ever Spot Bitcoin ETF ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Investment giant VanEck announced that after three years of effort, it has received the regulatory nod to launch a spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX), giving Australian investors a regulated avenue to invest in Bitcoin. According to the announcement, trading will commence on the ASX on June 20. This comes just months after VanEck was approved by the United States Securities and Exchange Commission to start trading its spot Bitcoin ETF, the VanEck Bitcoin Trust (HODL), on Jan. 11. VanEck’s Bitcoin ETF Approved For Thursday Debut The Australian Securities Exchange (ASX) has approved VanEck’s listing of the first exchange-traded fund (ETF) that invests directly in Bitcoin. ASX is the top equity exchange in Australia, managing roughly 90% of the local trades. The VanEck Bitcoin ETF (VBTC) will debut on the exchange on Thursday and will be the “lowest-cost Bitcoin ETF in Australia.” The global investment firm stated in a blog post that it has been planning to launch a Bitcoin ETF on ASX since early 2021. VanEck resubmitted an application for the investment vehicle in February, becoming the first to submit paperwork to offer a Bitcoin ETF. “Despite hurdles to clear in Australia, including regulatory and exchange framework challenges,” the company postulated, “VanEck intends to lead the way in bringing the first Bitcoin ETF to ASX investors.” Advertisement   Arian Neiron, chief executive officer for VanEck in the Asia-Pacific region, noted that the demand for Bitcoin exposure is increasing in Australia, particularly via a “regulated, transparent and familiar investment vehicle.” “Notwithstanding that crypto investing is a polarizing topic, we recognize Bitcoin is an emerging asset class that many advisers and investors want to access,” Neiron said. As ZyCrypto previously covered, reports had claimed that the first batch of spot BTC ETFs would…
Filed under: News - @ June 19, 2024 4:26 am