ASX Lists VanEck Spot Bitcoin ETF
Date: 2024-06-17 Author: Gabriel Deangelo Categories: BUSINESS
The Australian Securities Exchange (ASX) has announced the upcoming listing of a spot Bitcoin ETF from VanEck. This event marks an important step for the Australian cryptocurrency market and opens up new opportunities for investors.
Start Date of Trading
According to a press release provided by Bloomberg, trading of the spot Bitcoin ETF will begin on Thursday, June 20, 2024. This will be a significant milestone for the ASX and the Australian cryptocurrency community.
Ariane Neuron, CEO of VanEck Asia Pacific, noted the importance of the new product:
“We recognize that Bitcoin is an emerging asset class that many investors and advisors want access to,” Neuron said. "ASX will be able to offer market participants access to Bitcoin through a regulated, transparent and familiar investment vehicle."
Historical Context and International Comparison
The official listing of the spot Bitcoin ETF in Australia comes several months after the debut of a similar product in the United States in January 2024. In the US, exchange-traded funds from companies such as BlackRock, Fidelity Investments and VanEck have already accumulated over $58 billion. In April 2024, the Hong Kong regulator also approved trading of spot ETFs based on Bitcoin and Ethereum, but the distribution of these products remains limited compared to the US.
In addition to VanEck, several other issuers are awaiting regulatory approval for their Bitcoin ETFs. These include local companies BetaShares and DigitalX, which submitted bids at the beginning of the year. Their inclusion in the market could significantly increase trading volumes and interest in Bitcoin ETFs in Australia.
Growing Interest in Bitcoin
In February 2024, there was a significant increase in interest among Australians in Bitcoin. This comes after the approval of spot ETFs in the US, which showed the importance of regulation and official recognition of cryptocurrency products for the growth of the market.
The listing of VanEck's spot Bitcoin ETF on the ASX is an important step for the Australian cryptocurrency market. This product provides investors with the opportunity to access Bitcoin through a regulated and transparent instrument, further promoting the development and confidence of cryptocurrencies in the country. Next steps are eagerly awaited from other companies such as BetaShares and DigitalX, which are also planning to enter the market with similar products.
